Reports have shown that sales have been up since the slump that had occurred back in July 2012. This was due to the new lender rules being introduced by the government, one of the major new rules being, the maximum amortization period being changed to 25 years. CREA reports sales have been increasing since December of 2012 by 1.3%. In the residential housing market, this is looked at as a positive aspect since the first quarter of the year is always the slowest. The two markets in particular that have been seeing increases are the Greater Toronto Area and The Greater Vancouver Area. Toronto came in at a rise of 5.6% month over month, whereas Vancouver came in under but still a significant increase of 4.7% month over month rise.
If we compare where we are at present time in the residential market to last year, we have to note that we are not where we were. A 5.2% drop has occurred compared to last year, but this is not necessarily a bad thing CREA notes. This is due to the continued increase of prices in the market, MLS Home price index indicates a 2% increase in price from last year for the GTA. Vancouver is still seeing price declines, the opposite of GTA currently, which is why their percentage increase was overall lower than Toronto.