Economists and brokers predict activity to return to Canada\u0027s housing market this spring.
The market has been sluggish since last year, when prospective buyers started putting off plans to purchase homes as the Bank of Canada aggressively hiked interest rates eight consecutive times.
“We got a flood of buyers in January, in February and we still are getting more and more and we started seeing multiple offers return and bully offers return,” said Michelle Gilbert, a Toronto broker with Sage Real Estate Ltd.Article content Many first-time buyers are finding it harder to qualify for mortgages, but still want to make a purchase, so they are compensating by adjusting their expectations, said Gilbert.
Weeks after the Bank of Canada signalled further interest rate hikes were unlikely, she said properties started selling quickly and with multiple offers. February’s new listings totalled 51,366, down 26 per cent from a year ago, the Canadian Real Estate Association recently revealed. On a seasonally-adjusted basis, they hit 57,535, down nearly eight per cent from January.Article content
For Forsey, there is no rush to buy a home, but she admits the pause on interest rates is giving her family some confidence in its decision to look for a new place.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadian home sales expected to pick up in spring but inventory still lagsEconomists and brokers predict activity to return to Canada\u0027s housing market this spring.
Read more »
Sledding more dangerous than snowboarding: ReportSledding, which includes tobogganing, is more dangerous than snowboarding, according to Canada\u0027s Public Health Agency.
Read more »
Sledding more dangerous than snowboarding: ReportSledding, which includes tobogganing, is more dangerous than snowboarding, according to Canada\u0027s Public Health Agency.
Read more »
'No underlying reason to hike further': What the economists say about Canada's slowing inflationInflation surprised economists decelerating faster than expected in February giving the Bank of Canada more breathing room on rates. Read on
Read more »
'No underlying reason to hike further': What the economists say about Canada's slowing inflationInflation surprised economists decelerating faster than expected in February giving the Bank of Canada more breathing room on rates. Read on
Read more »
'No underlying reason to hike further': What the economists say about Canada's slowing inflationInflation surprised economists decelerating faster than expected in February giving the Bank of Canada more breathing room on rates. Read on
Read more »