interesting reading indeed!
Data Release: Canadian home resales lower in January
The number of Canadian home resales fell by 4.5% in January on a seasonally-adjusted basis. This was the first monthly decline in five months, and the largest since July 2010. Still, the January resale
level is slightly above the monthly average observed in 2011.
Regionally, the January drop in resales was especially marked in Greater Toronto and Montreal.
Overall, there were declines in over half of all local markets.
Despite the volume decline, average resale prices rebounded 1.6% in January (seasonally adjusted) following a similar decline in December 2011. Prices rose both in Toronto (+3.8%) and Vancouver
Canada's housing market was firming up during the second half of 2011, due in large part to the relative stability of the Canadian economy, steady consumer confidence and historically low interest rates.
This month's decline is likely reflective of what will shape up to be a softer year in sales, especially when it comes to Toronto and Vancouver condos. We anticipate growth will slow down in 2012 both in terms of sale volumes (+0.5%) and prices (+2.5%). In contrast, the actual
correction is foreseen to start in 2013, with both resales and prices turning negative.
This forecast is in line with the timing of interest rate increases, which we expect will start to take hold in 2013.
I hope this finds you Happy and Healthy!
All the Best!
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
FAX 905-828-2829 CELL 416-520-1577
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