House prices continued to slide across Canada in February compared to the same time last year, but activity was up for the first time since September.
The Canadian Real Estate Association said Monday that resale home prices fell 9.2 per cent across Canada last month to an average of $281,972. CREA, also said the number of homes that traded hands on the MLS was up 8.6 per cent. "The first monthly increase in activity since September 2008."
CREA president Calvin Lindberg said the market typically picks up in February and into the spring, but that this year buyers are being lured by historically low mortgage rates and increased affordability. "Realtors are reporting increased interest especially from first time home buyers," Lindberg said.
Ottawa also recently announced incentives for first-time home buyers including an increase in how much they can withdraw from their RRSPs from $20,000 to $25,000, as well as a tax credit of up to $750 to help cover closing costs.
"Heightened job insecurity will keep many potential home buyers on the sidelines. Those who are confident about their job situation will benefit from improving affordability in a number of housing markets."
For more information on buying or selling real estate in Burlington or Oakville, Ontario, or if you have questions about current market trends, mortgages or interest rate information, please visit me again on my website www.seansells.ca or call me at 905-220-9198 and I'd be glad to answer any questions to accommodate all of your real estate needs.