Home sales rise in Canada for sixth straight month in July !
After a long and cold winter existing home sales have risen to their highest level since March 2010. What has been a very slow winter the market had a steady increase for the last six months reaching their highest level in July according to the Canadian Real Estate Association.
These July sales numbers are up 7.2% than the sales numbers of July 2013. Canada’s housing market has sprung back to life after a brutal winter that put a dent in home- building, sales and prices.
Due to the recent decline in mortgage rates, also plays a factor in the increase of home sales.
The Bank of Canada is widely expected to hold the low interest rates steady until next year. This will allow for the mortgage financing factor to remain attractive for consumers and help support the Canadian economic growth, while waiting for investments and Canadian exports to improve.