The Canadian Real Estate Association (CREA) continues to monitor the national real estate climate, and so far verifies that our overall housing market remains firmly in balanced territory.
CREA keeps track of the number of home sales processed through the MLS® systems of real estate boards and associations and other cooperative listing systems in Canada. CREA President Wayne Moen confirms, "There is little new to report about national sales activity, which continues to hold fairly steady at the lower levels first reached when mortgage rules were tightened in mid-2012." He adds, "That said, things are becoming more interesting among local markets, with improving sales in Vancouver and Toronto likely to come as something of a surprise to some. As always, all real estate is local, so buyers and sellers should speak to their REALTOR® to understand how the housing market is shaping up where they live or are considering to live."
Timely updates and market information are vital in today's real estate climate. In addition, a recent survey highlighted the need for specific conversations about affordability in today's market, with more than 63 percent of Canadians indicating a "major need" for more information about the financial details of buying a home. That figure rose to 70 percent for respondents between 18 and 29.
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