Canada's housing market remains on solid ground, according to the Canadian Real Estate Association. Transactions involving resale homes are on track to set a new annual record for 2006, according to CREA.
In the month of August alone, seasonally adjusted homes sales activity via the Multiple Listing Service in Canada's major markets numbered 27,657 units — an increase of 1.5 per cent compared to the previous month. And for the first eight months of the year, transactions were up 1.4 per cent compared to the same period last year.
Meantime, seasonally adjusted MLS residential new listings numbered 47,117 units in August to remain near the highest level reached in more than 15 years. The MLS residential average price in Canada's major markets in August was $292,989, an increase of 11.6 per cent from the same time last year. Year-over-year price increases have been in the double-digits in each of the first eight months of 2006.
"Economic fundamentals underlying the housing market remain supportive for housing activity," says CREA chief economist Gregory Klump. "Weakening U.S. economic growth is good news for Canadian interest rates, as slowing economic growth in Canada will keep mortgage interest rates low and the housing market on a solid footing," he says.
"If the Bank of Canada cuts interest rates to shore-up Canadian economic growth, its warning that economic growth might be pushed higher by momentum in household spending may become something of a self-fulfilling prophecy," Klump adds.
Says CREA president Alan Tennant: "Now that the market is becoming more balanced, realistic pricing will become increasingly important. Your realtor is the most qualified person to help you determine accurate pricing for your local real estate market and to help you highlight the best features of your property."
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