Recovery underway in key Canadian markets ends buyer dominance in resale housing, says RE/MAX
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Recovery underway in
key Canadian markets ends buyer dominance in resale housing, says RE/MAX
Mississauga, ON. (July 13, 2009) -
Pent-up demand for residential housing has bolstered sales in Canada's major
markets-a clear signal that the housing sector has shifted into recovery mode,
says RE/MAX.
More
balanced market conditions have emerged, effectively ending the stronghold that
buyers had on the market over the past six to eight months. Canada's largest
markets, Toronto and Vancouver, led the charge-with June sales among the
highest in history for both local real estate boards. Close to 11,000
properties changed hands in Toronto, up 27 per cent over one year ago, setting
a new record for sales in the month of June. The figure was just slightly off
the all-time peak of 11,146 units. Residential sales in Greater Vancouver
increased 75.6 per cent over one year ago, to 4,259 units, just short of the
record breaking 4,333 sales, which occurred in June 2005. Overall, major
markets began to recover in March, posting escalating sales in April, May and
June. The impetus is expected to continue throughout the remainder of 2009,
with most centres now forecasting year-end sales on par or ahead of 2008
levels.
"The
strength of the market, amid the most significant global recession in recent
history once again underscores its relevance to the nation's economic
engine," says Michael Polzler, Executive Vice President, RE/MAX
Ontario-Atlantic Canada. Canadians believe in homeownership -- a fact best
illustrated by the purchasers who ventured forward in recent months and snapped
up some of the best real estate deals this market has seen in years. Those who
chose to sit it out on the sidelines are now facing a market in transition,
characterized by the threat of rising interest rates, low inventory levels, and
upward pressure on housing values."