Homebuying activity is off to a strong start according to a report released today by the real estate super giant, Re/Max.
“Major Canadian real estate markets continued to show exceptional resiliency throughout the first quarter of the year, with strong demand and diminished supply setting the stage for a heated spring 2012,” the company said in a press release.
The Re/Max Market Trends Report looks at sales, price, trends and developments in 15 markets across Canada.
The new report found that 12 of 15 Canadian centres were reporting January-February sales activity that was higher than last year’s levels. More than half reported double digit increases.
Low interest rates and strong consumer confidence levels were cited as reasons for the seemingly early start to the usually strong Spring market.
Here’s a few more interesting points from the report:
- Average price rose in 14 of 15 markets
- While prices rose, the actual price appreciation was tempered with three markets seeing gains in excess of 10 per cent
- Re/Max says homeowners have realized substantial equity gains and are taking advantage of historically low interest rates
- The best performing market in terms of sales appreciation was Halifax-Dartmouth with a 35 per cent increase
- The GTA saw a 12 per cent increase in sales appreciation and a year-to-date average price increase of 10 per cent in the first two month of 2012
So where’s the Canadian market headed for the rest of 2012? We’re not psychics, but we’d say stats are looking promising.