While home sales rose for first time since March, and the sales of existing homes rebounded in September the numbers are still down from last year and the group representing the country’s nearly 100,000 real estate agents is finding it hard to gather much enthusiasm for a market many say is slowing fast.
According to the Financial Post:
“But the Ottawa-based Canadian Real Estate Association, which represents about 100 boards across the country, is not predicting the free fall others have been expecting, though it suggested sales in the fourth quarter of 2012 will be off from a year ago — in part because of new mortgage rules which tightened up lending requirements.
CREA stands by its assertion there will not be much of a correction so consumers sitting on the sidelines waiting for a deal are unlikely to find one this year or next.
“Even in Vancouver, you have had some large declines in sales activity and no large declines in prices. In fact, no decline, prices continued to rise,” said Gregory Klump, the chief economist at CREA. “What you really have to do is look at market balance, what happens to supply and demand and the balance between the two.”
The Fraser Valley Real Estate Board says:
“For the second month in a row, property sales on the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) have decreased to historically low levels. In September, a total of 857 sales were processed on the MLS®, a decrease of 26 per cent compared to 1,165 sales in September 2011 and 20 per cent fewer than in August.
Scott Olson is the president of the Board. “Our market was very stable up until July and then within two months it changed.
“The federal government’s tightening of mortgage rules this past spring may be having an effect. We’ve seen this pattern before when rules have changed and hopefully given the strength of our local economy and stability of interest rates, this slowdown will be short term.”
Olson adds that properties offering more affordability remain in demand. “Sales of more expensive homes – single family detached – have decreased disproportionately more than the sales of townhomes and apartments. In fact, apartment sales last month in Surrey, Langley and White Rock were higher or comparable to September of last year keeping prices across the Fraser Valley resilient.”
Facts and figures definitely do speak volumes, but that being said, it is essentially a buyers market right now, and with the right team in place and the best mortgage options in hand I still believe that you will be able to find a home for you and your family at a reasonable rate and price! We can work together to get it done!
