Is Real Estate in Ottawa moving to a more balanced market?

 

Here are some quotes about our current real estate market. I am optimistic about the rest of the year. Right now everyone is taking a breather and trying to figure out how the HST is going to affect our day-to-day budgets and our ability to buy or sell homes.  Hopefully the market should quickly get back on track and move to a more balanced market. A balanced market takes some of the pressure off both buyers and sellers and allows everyone to make more thoughtful decisions. 

Home sales activity in Canada came up short of the record for the month of April and new listings continued to climb, according to statistics released by The Canadian Real Estate Association (CREA).

“Many of the sales that would normally have occurred in May were pulled back to April, due to buyers trying to avoid the May 1st transitional implementation date for the HST, as well as new mortgage regulations that came into effect April 19th,” said Ottawa Real Estate Board President Pierre de Varennes. “Buyers knew they would be paying 8% more for all of the service costs associated with a real estate transaction if their closing date was after July 1st, and that it might be more difficult to qualify for financing, so they moved quickly to avoid either situation. In addition, by comparison May 2009 was a record-breaking month as the floodgates opened on pent-up demand following the brief downturn in the market,” he added.

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