16 Aug 2011

Home sales stable in Canada last month

Homebuying activity in Toronto last month mimicked the national trend, according to the Canadian Real Estate Association. In other words, home sales were stable in July when compared to June.

According to the CREA, the July national sales-to-new listings ratio was 51.8 percent, a moderate change compared to 52.3 percent in June.

On a year-over-year basis, actual sales activity rose 12.3 percent in July. Through the first seven months of the year, approximately 284,537 homes have changed hands, which is 1.6 percent lower through the same period in 2010.

Gary Morse, CREA president, said the report indicates real estate is a worthwhile investment for Canadians.

“Mortgage interest rates are low and keeping home affordability within reach, making it an excellent time for buyers to take advantage of very favorable financing,” said Morse. “Prices and affordability evolve differently among local markets, so buyers and sellers should consult their local Realtor to better understand how the outlook for housing supply, demand, and prices is shaping up in their housing market.

Just as prices vary in the housing market, they also vary among storage facilities, which homeowners often turn to if they needed extra space. Jiffy Self Storage offers some of the most competitive rates in the GTA.

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