In good news for anyone considering buying or investing in Canadian real estate, national home sales are continuing on an upward trend, according to data from the Canadian Real Estate Association.
A Challenging Winter
Pretty much every part of the country has felt some kind of drop in home sales since January 2018, thanks to rising interest rates, stricter mortgage controls and, in some cities, a tax implementation.
Is the Market Starting to Recover?
According to reports from the CREA, home sales jumped by 4.1 per cent in June 2018 and continue to improve. The June numbers represented the first significant increase seen in 2018, according to Gregory Klump, CREA’s chief economist.
In a way, this isn’t surprising, as other economists have said that for a robust housing market like Canada’s, it can only take months to see a small rebound from policy or political changes like this.
With a resilient market like Canada’s, which is seeing record numbers of development proposals in some cities, it’s a great time to invest or put down roots here.