How Is The Market?

We are often asked by clients, friends and family “How is the market?” We thought we would take a moment to update all of our readers on how the experts find the Real Estate market throughout Canada is current doing.

We found a great online article from entitled “August Sales Exceed Expectation, Stir Concerns” – which states “…home sales in August were sharply up from the same month last year, driven by fears of rising interest rates”. The article goes on to say “…The number of home sales…rose 2.8 per cent on a month-over-month basis in August 2013. On a year-over-year basis the climb was 11 per cent”.

Canadian Real Estate Association (CREA) Chief Economist Gregory Klump was quoted in the article saying “Sales activity dropped sharply around this time last year in the wake of tightened mortgage rules and has improved since then…” He continued saying “…the upward trend and levels for activity in recent months has been steeper than expected, but that may not last”. He also stated “Recent increases to fixed mortgage rates caused sales to be pulled forward as buyers with pre-approved financing at lower rates jumped into the market sooner than they might have otherwise”. He concluded saying “The outsized year-over-year gains may persist, however, due to weak sales toward the end of last year”.

We hope this gives you some information about how the Real Estate market is currently doing in Canada. To read the entire article, please click here.

As always, if you or someone you care about is thinking of making a move or if you just want some general information about the Real Estate market in your area, please don’t hesitate to give us a call, we would love to talk to you!

Until next time,

The Jamie Dann Team

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