So far this year Canadian Housing sales are at a higher point than predicted by economists, particularly for the spring market in May and June. The housing market in the month of May did so well that the figures originally produced had to be revised as it was a higher number than previously thought. The number of units bought jumped from 200,178 to 204,616, a significant difference. This was also the case for the month of June, the projected number of units to be sold at the start was 187,000 however, so far reported 199,586 units have been sold at the start of the month. These numbers definitely defy predictions for the better and shows us that those government rules that were introduced last year is not stopping people from purchasing property in Canada. Based on these higher numbers than originally projected, this gave a boost to the Canadian dollar in early trading.
These positive bearing statistics could not come at a better point in time for the real estate market. The new government rules that were issued last year were implemented to cool and slow the housing market. This was instated to prevent a possible housing crisis like the United States has seen in recent years. This has proved to be a non-factor for everyone determined to buy and take advantage of the great prices of real estate now. Everyone in the industry has learned to think outside of the box and get deals done, yes it has been tougher, but we are adjusting! The historic low interest rates that we had been seeing in the beginning of 2013 also helped sway people to buy now and as a reaction to this, they have started to rise steadily again.
The busy spring market has come and gone very quickly but based on these statistics, it is promising that we will be smooth sailing for the last half of 2013 and early into 2014. Take advantage of these low interest rates and great housing prices now before both increase! Contact Robert Clancy today (416) 899-1467.