Homeowners trying to sell now to beat higher interest rates, tougher mortgage rules

(Source: Globe and Mail)

Homeowners across the country are frantically planting “for sale” signs on their lawns this spring, hoping to sell at the top of the market before higher rates and tougher mortgage qualification rules temper the housing sector’s incredible recovery.

A wave of supply hit Canada’s housing market in March, with nearly 100,000 new listings. It was the busiest March on record for listings, according to the Canadian Real Estate Association (CREA).

The data suggest buyers entered the market to sidestep tougher mortgage qualification requirements that went into effect on Monday, as well as to avoid new taxes being introduced in Ontario and British Columbia this summer.

Read Steve Ladurantaye’s full article “Busiest March ever for Canadian housing listings” in the Globe and Mail (April 16, 2010).

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