Canada Real Estate Market jumps by more than 18%

After about 36 months period of slow and declining sales, Real Estate Market is showing all the signs of recovery. As per data released by Canadian Real Estate Association about 50,270 units were sold in the month of July, the highest number in the past 2 years.

This signals that real estate market has bottomed out and buyers are showing renewed interest in the bargain deals especially for properties that were hitherto beyond their reach.

With five-year fixed rate mortgage available for under four per cent and variable rate mortgages hovering at under three per cent range, the current phase offers an excellent opportunity to own the houses.

The low rates have contributed to the stunning reversal in the real estate market trend and the real estate is strengthening across the country with Vancouver leading the pack with 90% growth in the transactions, Toronto following at 28 per cent growth during the same period.

Notably, while there is increase in number of houses exchanging hands, number of houses on sale has gone down considerably. This shows that the sellers are not interested in making distress sales and are optimist about the market improvement.