Cooler Housing Market Heats Up Inventory for Home Buyers

Cooler Housing Market Heats Up Inventory for Home Buyers

Cooler Housing Market Heats Up Inventory for Home Buyers

Home sales activity declined sharply in May, according to a report by the Canadian Real Estate Association (CREA). May is historically one of the busiest months for real estate sales in Canada.


In the first quarter of 2010, warnings of interest rate hikes by the Bank of Canada, the implementation of HST and new mortgage rules all combined to send homebuyers rushing to get into the market, but it appears that the frenzy is coming to an end.

According to Multiple Listing Service® data, seasonally adjusted home sales activity in May was down 9.5 percent from the previous month. Declines in sales in Vancouver, Toronto and Ottawa skewed the national total.

The Bank of Canada will announce its next interest rate decision on July 20. Many speculate that rates will rise, but by how much isn’t certain. With global economic recovery still unstable, Canada’s central bank is reluctant to announce a sharp hike in its key interest rate, which affects the prime lending rates of Canada’s major banks.

With home sales now cooling and more inventory available, home prices are likely to become more affordable in the coming months. If you are planning to enter the housing market, now might be a good time to consider getting a pre-approved mortgage.

Find out how much home you can afford using a mortgage calculator, and compare what you’re paying now in rent to a monthly mortgage payment. Search your desired neighbourhood at Century21.ca to see what’s available in your price range. 

View the CREA news release

Looking After Your Real Estate Needs

Jeremy E Moore

Century 21 United Realty

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Jeremy Moore

Jeremy Moore

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CENTURY 21 United Realty Inc., Brokerage*
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