Home sales remained steady in February 2014 on a month-over-month basis according to the Canadian Real Estate Association’s latest stats released Monday.
Markets that marked a drop were roughly even with those that recorded a spike in sales, resulting in a fairly level month for sales.
“Sales in February rebounded in some of the smaller local markets where activity was impacted by harsh winter weather in January,” CREA President Laura Leyser said. “The strength of sales activity during the crucial spring market period will be influenced by the availability of listings, which varies considerably from market to market."
British Columbia and Northwest Territories recorded the largest year-over-year percentage changes in sales activity, reporting a 23.9 per cent increase (BC) and 100 per cent increase (NWT), respectively.
Conversely, Ontario and the Atlantic provinces all recorded drops ranging from -3.6 per cent (Ontario) to -11.8 per cent (Prince Edward Island).
According to CREA, spring sales will be bolstered by declining rates, which are expected to draw buyers to the market.
“Sales activity this spring will be supported by the recent decline in the benchmark five-year conventional mortgage rate,” Gregory Klump, CREA’s chief economist said. “That’s because buyers needing mortgage default insurance who opt for a term of less than five years must qualify for mortgage financing based on that rate, and not a discounted rate that their lender may be offering.
“The support will be of particular importance in some of Canada’s larger urban markets where home prices are higher than those in smaller markets.”
by Justin da Rosa
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- Jackie Goodlet, Broker
- GTA, Ontario, Canada
- A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!
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