Canada Emerges From “The Housing Market Correction No One Noticed”
October 11, 2013
Did you notice that the period between the second half of and the first half of 2013 saw the most significant housing correction since 2008? Phil Soper, the president of Royal Le Page believes that the majority of people missed seeing it entirely!
While prices continue to rise, sales by volume were down significantly until this summer, when things just exploded. Why? We can point to any number of reasons – Statscan reports that 59,000 new jobs were created in August, mortgage rates continue to be low or perhaps a large number of people thought it was time to move! When it comes to detached and semi-detached homes, there has long been a dearth of listings available.
If you read my post on Toronto’s two markets, you’ll see it even more dramatically here – single family homes increased in value by between 4 and 5%, but condos only appreciated by .3%… and you may be surprised by what’s happening in St. John’s!
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