With Mortgage rates at a historical low and Sellers begining to compete with each for the attention of buyers home sales in August have accelerated. Sellers have begun to compete with each other and price drop are accurring accross the Lower Mainland. Tbis is becoming a buyers market and you buyers on the side lines need to make your move or move aside.
Canadian home sales may have accelerated in August, data from 11 metropolitan centers show.
Purchases reported by 11 regional real estate boards that have published August data increased 21.5 percent from a year ago to 19,811 units. The figures are not seasonally adjusted. Those markets, which recorded almost half of the country's sales in July, had posted year-over-year growth of 15.9 percent that month, according to data released last month by the Canadian Real Estate Association.
Canada's real estate market has been strong since 2009, with buyers taking advantage of historically low interest rates and available credit for banks judged the world's soundest for four years by the World Economic Forum. Bank of Canada Governor Mark Carney said in June 15 speech that housing prices in some parts of the country are reaching "severely unaffordable" levels.
Existing-home sales rose 24 percent to 7,542 units in Toronto, the real estate board of Canada's largest city said today in a statement. Sales in the Fraser Valley, the area east of Vancouver, recorded a 35 percent gain in August.
Sales in Vancouver, Canada's second-biggest market, rose 8 percent in August to 2,378 units, slowing from a 14 percent pace in July. Purchases in Calgary were up 23.1 percent, while sales in Edmonton increased 18 percent.
The Canadian Real Estate Association releases aggregated national data in the middle of every month.
By Theophilos Argitis, Bloomberg