We found a great online article from www.canadianrealestatemagazine.ca
entitled “August Sales Exceed Expectation, Stir Concerns” - which states “…home
sales in August were sharply up from the same month last year, driven by fears
of rising interest rates”. The article goes on to say “…The number of home
sales…rose 2.8 per cent on a month-over-month basis in August 2013. On a
year-over-year basis the climb was 11 per cent”.
Canadian Real Estate Association (CREA) Chief Economist
Gregory Klump was quoted in the article saying “Sales activity dropped sharply
around this time last year in the wake of tightened mortgage rules and has
improved since then…” He continued saying “…the upward trend and levels for
activity in recent months has been steeper than expected, but that may not
last”. He also stated “Recent increases to fixed mortgage rates caused sales to
be pulled forward as buyers with pre-approved financing at lower rates jumped
into the market sooner than they might have otherwise". He concluded
saying “The outsized year-over-year gains may persist, however, due to weak
sales toward the end of last year”.
We hope this gives you some information about how the Real
Estate market is currently doing in Canada. To read the entire article, please click here.
As always, if you or someone you care about is thinking of making a move or if you just want some general information about the Real Estate market in your area, please don't hesitate to give us a call, we would love to talk to you!Until next time,
The Jamie Dann Team
