Housing Sales Continue to Trend Upward
Figures released by real estate boards around the country are showing a positive upward trend in sales driven by improved affordability and less uncertainty about the future.
“Home sales have bounced back from the extraordinarily low levels recorded during the winter months,” said Cameron Muir, BCREA Chief Economist. “Improved affordability and less uncertainty about the future are the main factors driving home sales higher.”
“This was the best May on record for residential resale home sales in Ottawa,” said Board President Rick Snell. “Homes in every price range are selling well, from starter homes to luxury properties. Homebuyers and sellers are showing a lot of confidence in the Ottawa real estate market,” he added.
“We’re now seeing greater balance in the housing market than what we have over the last while,” says Linda Smardon, President of the Nova Scotia Association of Realtors. “The bridge between buyer demand and housing supply is continuing to narrow, which helps maintain stability in housing prices,” she adds.
Ontario had a record-breaking number of resale homes sold in May. Greater Toronto Realtors reported 9,589 sales in May which is almost 2% up from May 2008 – the first annual increase since December 2007.
“The resale housing market in the GTA has remained resilient in the face of challenging times globally,” according to Toronto Real Estate Board President Maureen O’Neill. “Many home buyers have taken advantage of extremely low mortgage rates.”
The average price for May transactions was $395,609—down less than 1% compared to the same month last year.
“The average resale home price has moved in line with last year’s level because of tighter market conditions experienced this Spring,” stated Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “Home sales have increased strongly relative to new listings, bolstering home prices.”
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