Informed buyers and informed sellers look at the facts
The facts right now indicate the real estate resale market is starting to stabilize. Sales activity in September was slightly under the same month last year. In Calgary in September, there were 2,006 sales at an average price of $390,599. That is a decrease of six per cent from September 2007. Canadian home sellers are under no financial duress to sell, and a number may decide to take their home off the market should it remain unsold when the listing expires. The resulting decline in listings should assist the balance of sales and new listings to realign.
This Fall there have been a number of initiatives that should have a positive effect in the near future, the Canadian Government's decision to invest $25 billion in insured mortgage pools, the recent drop in the Bank of Canada rate, and the new rules reducing the maximum amortization to 35 years instead of 40.
Statistics show that the Canadian real estate market is not following U.S. housing trends.
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