Housing uptick a good sign: RE/MAX

MISSISSAUGA, Ont. — Pent-up demand, along with low interest rates and greater affordability were behind the June rebound in residential housing sales in Canada and “a clear signal” that the sector has shifted into recovery mode, RE/MAX said Monday.

MISSISSAUGA, Ont. — Pent-up demand, along with low interest rates and greater affordability were behind the June rebound in residential housing sales in Canada and “a clear signal” that the sector has shifted into recovery mode, RE/MAX said Monday.

Toronto and Vancouver led the charge, with June sales among the highest in history for both cities’ local real estate boards, RE/MAX said.

The company, part of a global network of real-estate agents, said “more balanced” after six to eight months when buyers had an upper hand.

It said major markets began to recover in March, posting escalating sales in April, May and June.

Most centres are forecasting year-end sales on par or ahead of 2008 levels. RE/MAX said.

Close to 11,000 properties changed hands in Toronto, up 27 per cent over June 2008, setting a sales record for the month and just slightly off the all-time peak of 11,146 units.

Residential sales in Greater Vancouver increased 75.6 per cent over the year-earlier period to 4,259 units, just short of the record 4,333 sales of June 2005, RE/MAX said.

Overall, average prices held steady or climbed in June, while the number of days houses remained on the market was down as inventory levels continue to tighten, especially at entry-level price points, it said.

RE/MAX attributed the recent surge in resale activity to three key factors: pent-up demand, low interest rates, and greater affordability.

“The combination — in conjunction with declining inventory levels — has created heated market conditions in hot pocket neighbourhoods, prompting a resurgence in multiple offers in June,” it said.

“Although the current pace may be unsustainable, all markers point to greater stability in the market, leading to healthier activity in the long run, with inventory levels a key variable influencing pent-up demand,” it said.

RE/MAX is one of Canada’s leading real-estate organizations, with over 17,000 sales associates working in more than 650 independently-owned and operated offices across the country.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Rainbow flag raised at Red Deer College to kick off Pride Week

Central Alberta Pride Week runs next week

Alberta to explore small nuclear technology

EDMONTON — The Alberta government says it plans to join three other… Continue reading

From masks to cohorting, a guide to back-to-school rules across the country

Plans are being made across the country for how to safely send… Continue reading

Red Deer asking for feedback on new transit routes

The new routes will begin Aug. 23

Updated: Red Deer region unemployment hits 14% in July

Unemployment in Red Deer region nearly double July 2019 rate of 7.4%

Protestors for Indigenous Lives Matter gather in Wetaskiwin

Protestors gathered along 56 St Wetaskiwin, Alta. August 4, 2020 for Indigenous Lives Matter.

‘Caught up in the frenzy:’ Oilers 50/50 draw breaking ticket sale records

EDMONTON — Frenzy over the Edmonton Oilers online 50/50 draw continued Friday,… Continue reading

POLL: Do you plan on leaving the province on holiday this summer?

Do you plan on leaving the province on holiday this summer?… Continue reading

Flower show open to the public

The Alberta Dahlia and Gladiolus Society will be hosting its annual flower… Continue reading

Innisfail Eagles to play in Ranchlands Hockey League in 2020-21

Eagles have still declared as a senior AAA team for next season

Red Deer Rebels lend helping hand to Vancouver Canucks

The hockey community is a tight-knit one and it was the Red… Continue reading

Labyrinth is a gift to neighbours

Lacombe resident encourages others to use their imagination

You have nothing to fear from central EMS dispatching

My name is Brad Higgins. I am reaching out with respect to… Continue reading

Maskwacis teen charged in 10-year-old boy’s death

The RCMP Major Crimes Unit have laid a manslaughter charge against a 14-year-old boy from Maskwacis.

Most Read