Canadian Real Estate Market Continues to Improve
Posted by Becky on 01 Oct 2009 | Tagged as: real estate
While we await confirmation of third quarter Canadian real estate sales activity figures, Canadian homeowners should feel encouraged by the positive trend reported this year to date.
The Canadian Real Estate Association (CREA) released statistics confirming second quarter 2009 home sales via the Multiple Listing Service® (MLS®) of 147,351 units – the fourth strongest quarterly sales figure ever. With an increase of 1.4 percent from the second quarter of 2008, this marks the first year-over-year increase in quarterly activity since the fourth quarter of 2007. In June alone, over 40,000 homes traded hands – the highest monthly total since January 2008.
“Potential buyers who moved to the sidelines late last year when economic uncertainty peaked are returning to the housing market now that the worst of the recession may be behind us,” said Dale Ripplinger, President of CREA.
Ripplinger added, “Chances are good that the number of transactions in the second half of 2009 will surpass levels in the first half of the year.”
The national MLS® residential average sale price also scaled new heights, reaching the highest quarterly level ever in the second quarter of 2009. At $318,696, the average sale price was up half a percent from the previous record set in the second quarter of 2008.
“Low interest rates have improved the affordability of homeownership, as have price adjustments in housing markets that previously experienced rapid price increases,” said CREA’s Chief Economist Gregory Klump. “Housing markets where negotiations recently favored the buyer have become more balanced and the stage is being set for modest price appreciation as inventories are drawn down by sales.”
It’s worth noting that the supply of homes coming onto the MLS® market continued to retreat in the second quarter. That means that if you’re thinking of selling your house, you may have more buyers interested now than in the recent past.
Let’s find time to discuss how your real estate plans fit into today’s economy.
Call Trish Belford and her team today for more information at 613-969-9907! Visit www.trishbelford.com today!
Source: The Next Door Neighbour, Volume 5, Issue 10
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