Residential Sales for the month of June in the London St Thomas area Board, show residential detached properties down 13.3% and condominium sales down 5.5%. The Good news is overall sales are still ahead of last year, up 3.3%. Listing obsorption figures, while still increasing, are indicitive of a slower summer real estate market (god time to buy).
The new federal government mortgage rules, that took effect July 9th will not play a major part in overall sales for the rest of this year. A slight decrease in some sales sectors might result as 1st time buyers buy just a little less.
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Century 21 First Canadian Corp, Brokeragge