The Canadian Real Estate Association showed from its recent figures that sales of home throughout the country continue to be low for the month of September when compared to last year’s own, despite the slight increase over the months. The sales activity in the whole of Canada was actually 11% less than the levels back in September last year. In the meantime, an increase of 2.1% was recorded for residential property sales from the month of August to last month, during that same period, the number of homes freshly listed on the made a comeback by 4.9%.
Andrew Peck, the president of CREA said; “National sales appear to be stabilizing.” He also swiftly added that “While encouraging, it’s too early to tell if this is the beginning of a longer-term trend. The national result continues to be influenced heavily by trends in Toronto and Vancouver but housing market conditions vary widely across Canada. All real estate is local, and REALTORS® remain your best source for information about sales and listings where you live or might like to.”
The head economist for CREA, Gregory Klump said; “Further tightening of federal regulations aimed at cooling housing markets in Toronto and Vancouver risks creating collateral damage in markets elsewhere in Canada. It also jeopardizes Canadian economic growth, which is already showing signs of fading.”