The Globe and Mail has an article out today on how Canadian home prices are continuing to rise despite the slower activity in the market recently. While these figures do not take into account July sales numbers, it is still a positive sign for everyone that believes the bubble on the housing market is bursting and that prices are going to go down significantly.
Housing prices had also been increasing for 14 straight months, were up 13.6 percent from June of 2009, and 1.5% for the month. With fixed mortgage rates also decreasing so significantly in the past 2 weeks it would be bound to give the real estate market some stimulus heading into September, which is traditionally a busier time of year for the real estate market than the summer. The low number of listings currently available is also helping to take the supply out of the market and protect values.
In conclusion, there are currently less listings for the fewer buyers who are buying, and we are approaching a busier real estate season with all time low interest rates, and for many properties HST is not an issue. If you are thinking about buying a home, you should be.
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