Canadian home sales in September

The Canadian Real Estate Association (CREA) released their monthly statement this week detailing resale home activity for the previous month. According to this report, Canadian resale housing activity saw its first monthly increase since the spring, up 2.5% from August. The activity is positive news, marking a recovery from the drop the market experienced in the wake of new mortgage legislation initiated earlier this summer.

Markets reporting an increase in activity include Vancouver, Calgary, Edmonton, Toronto and Quebec City. Despite the new mortgage regulations slowing national sales activity, CREA President Wayne Moen advises not to rely heavily on national sales figures. " ... national figures mask diverging trends in different markets, with activity down in some places while sales elsewhere remain strong. As always, all real estate is local, so buyers and sellers should talk to their Realtor to understand how the housing market is shaping up where they live or might like to."

As new mortgage legislation is likely to make many buyers reassess their dreams of home ownership, it is recommended to talk to a qualified Mortgage Broker, who can assist in creating a realistic budget and examine if now is the time to buy.

Click here for the full article from The Canadian Real Estate Association.