March 22, 2010
237%!?!?!? Wow! February 2010 went CRAZY for new home sales. Sure, these figures are less impressive when you consider the fact that February 2009 was in the midst of a recession. But still…need I repeat? 237%!
There were a total of 3,148 new homes sold. That’s the highest number since 2006. Why?
First, the resale market is tight right now (lots of people are greedily holding onto their homes hoping that prices will continue to skyrocket). Also, 50-year low interest rates certainly don’t hurt! Generally, consumer confidence in the Canadian housing market is very strong which bolsters sales as well.
February sales were virtually split between low rise and high rise, with 51 per cent of buyers opting for detached or town homes, while 49 per cent chose condominiums. Yourhome.ca