Canadian home sales picked up in January from the month before and should accelerate further before tighter mortgage rules come into effect on March 18, says the Canadian Real Estate Association. CREA suggested the figures indicate that buyers were willing to pay premium prices to snap up a house before the deadline that will put an end to the longest 35-year amortization mortgage periods, in an effort to curb consumer debt. The changes limit amortization periods to a maximum of 30 years, making mortgage payments more expensive each month.
Sales activity kicked off the year on stronger footing, led by Toronto and Vancouver. On a seasonally adjusted basis, home sales reached the highest level since April 2010, CREA said in its monthly report Tuesday.
This is very positive news for any homesellers this (early) spring. Click on the link below to view my new listing at 53 Chilton Road. It will officially be on the market Wednesday morning listed at $574,900.00. It is in a beautiful pocket of East York, close to transit, downtown, parkland and highways. There is lots of good shopping nearby, being close to both Bayview and The Danforth. I will be there promoting this home both Saturday and Sunday from 2-4 so drop by for some cider!
http://www.realtorsmarketing.ca/new%20slideshows/53%20Chilton.swf
Cheryl Bower
Comments