It is no lie that the existing home sales in May skyrocketed, but is it just a reflection of the crazy housing market, or could it be more? The possibility is a reflection of the brutal winter we all faced this year in Canada. Right now, the Calgary market is on fire! Some economists are commenting and saying that about 15 condominium units in the city that are already built, were the only ones currently on the market.
CREA (Canadian Real Estate Associate) reported that sales were up 5.9% from April to May, this increases was the highest they have seen in 4 years. There was also a reported ‘late start’ to the Canadian spring market, most likely due to the weather. Now that summer is officially here, it has been in full gear for the last 3 months. The average home sale price for the month of May was a reported $416,584, approximately a 7.1% increase from 2013. However, this figure had alot to do with home sales in Toronto and Vancouver, as when you take these cities out of the equation, you’re looking at an average home sale of $336,373. CREA does not predict any housing bubble anytime in the future, especially in the city of Toronto.
Overall, it is looking like a successful spring market yet again! Contact Robert Clancy today for your mortgage needs!