Property prices and transaction levels in Canada have continued to impress,
with activity in the market up a further 4.5 per cent in January reaching the highest level since April last year.
This is according to the latest statistics from the Canadian Real Estate Association
(CREA), which revealed that the rise in activity was led by transactions taking place in Vancouver and Toronto.
Nationally, CREA says that sales have improved by 25 per cent since the low point of the market seen in July 2010.
The organisation added that the recent announcement regarding tighter mortgage regulations, coming into effect in March, has helped contribute towards the greater sales activity in the first quarter of 2011.
However, Georges Pahud, CREA’s President, said that the longer-term impacts of the changes are still uncertain.
“For that reason, further action shouldn’t be taken until the impact can be measured,” he said” In the meantime, if last year can be used as any guide, sales activity may heat up further as we get closer to the date on which tighter mortgage regulations come into effect, especially in some of Canada’s pricier markets.”
- Wednesday 23 February 2011