The Bloomberg Nanos Canadian Confidence
Index – a gauge for real estate sentiment – confirmed that Canadian consumer
confidence remained near a four-year high this past summer.
Although the Canadian Real Estate Association (CREA) figures show that home prices rose almost eight percent in the first six months of 2014, Canadians are brushing off forecasts from some market analysts that the market may be inflated and due for a correction. In fact, CREA research suggests Canadian real estate is in balanced territory. CREA noted that the national sales-to-new listings ratio was 53.6 percent in June, up slightly from 53.2 percent in May, but still well entrenched within the range of 40 to 60 percent that marks balanced market territory. Just over half of all local markets posted a sales-to-new listings ratio in this range in June, with a fairly even split among the remainder between those in buyer’s market and seller’s market territory.
“Sales have improved compared to their slower start earlier this year.” CREA President Beth Crosbie noted. “That said, there are still important differences in how housing markets are faring depending on location, housing type and price point. Whether you’re looking to buy or sell, your local REALTOR® is your best source of information on all the factors driving the market where you currently live or might like to in the future.”
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