(Source: CANWEST NEWS SERVICE)
With new mortgage rules, a new harmonized sales tax in some provinces and the possibility of higher interest rates all set to kick in this summer, Canadian home buyers are on a tear and it is only going to get busier leading up to this summer, according to the Re/Max Market Trends Report 2010 released Wednesday.
The report, which examined real estate trends in 16 markets across the country, found that unusually strong activity in January — traditionally one of the quietest months of the year — has led to a sharp decline in active listings in 81% of markets surveyed. Too many buyers and not enough homes will probably be the main problem in coming months, according to the report.
Markets experiencing the tightest inventory levels include Toronto (-41 per cent), Kitchener-Waterloo (-33 per cent), Ottawa (-30 per cent), Victoria (-30 per cent) and Greater Vancouver (-27 per cent), which also had some of the highest year-over-year sales gains.
Read Julie Fortier’s full article “Remax warns not enough homes for buyers” in Canada.com (February 27, 2010).