15 Mar 2011

Canadian home sales steady in February

People who thought ahead and grabbed a Toronto storage unit, anticipating further growth in the housing market, were wise to do so, as a new report indicates housing activity has been steady.

According to the Canadian Real Estate Association, sales activity was just under 6 percent lower than what was reported in February 2010, but it's the smallest year-over-year decline in nine months and the fourth consecutive month of maintaining the five year-average sales rate. Nationally, new listings in February increased 1.5 percent.

"Most local housing markets in Canada are well balanced, but there are still a number of buyers' and sellers' markets," said Georges Pahud, president of the CREA. "Housing market trends often evolve and diverge from national trends due to local factors, so buyers and sellers should consult their local Realtor to understand how the housing market is shaping up where they live."

Last month, the CREA reported a sharp rise in sales activity in the Greater Toronto area but market forecasters believe the rate of increase will slowly decline heading into the latter portion of the year as demand diminishes and mortgage restrictions tighten.

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