Canada 2 largest real estate markets pitch in August
Home sales in Canada 2 largest real estate markets sustained their rush
in August from a year earlier.
Sales in Toronto is the largest market which rise Twenty
One (21) percent from August last year to Seven Thousand Five Hundred and Sixty
Nine (7,569) units the Toronto Real Estate Board said. With average prices
gaining 5.4 percent.Vancouver existing home sales rose Fifty Two percent
that city’s real estate board said.
After the warnings from economists and policy
makers housing market information showed a few signs of a firm landing from that
a fizz may have been formed. Buyers are used to tighter mortgage system forced
last year according to Diane Usher president of the Toronto realtor group.
Diane Usher said many households have accounted for the additional costs carry
on by stricter mortgage lending rule and have reactivated their search for a
home.
Other regions and cities recording double digit
sales increase in August include Victoria and the Fraser Valley areas of
British Columbia. Calgary the 3rd (Third) largest market place a Twenty
Eight percent gain in home sales in August with average prices up 8.8 percent
from a year earlier. Montreal has yet to report data for August.
The Toronto realtors group said the average
price of a home sold in Toronto was C$503,094 ($479,820) in August.
Signs of the country’s housing market may be losing some mist.
Existing home sales proof their smallest monthly gain in 5 (five) months in
July the Canadian
real estate association said. Aug. 15. Banks including Royal Bank and
Toronto-Dominion The (2) two largest lenders also have raised mortgage rates in current weeks to reflect higher
yields in the bond market.
The Canadian Real Estate Association
publishes aggregated national data around the middle of each month.
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