Good time to buy? Thousands of Canadians think so.

April 3, 2012

Canadian home sales for January and February were up in 12 of the 15 markets assessed compared to a year earlier, most by 10 per cent or more. While low mortgage rates were a driving factor, strong consumer confidence helped generate an early spring buying season.
According to a report released by Re/Max, sales activity in Victoria’s residential real estate market got off to a solid start in 2012, steadily gaining momentum as the city edged toward the traditionally busy spring market.
Victoria home sales increased seven per cent, rising from 723 units in the first two months of 2011 to 775 year-to-date.
Average price remained stable at $469,399, slightly off 2011’s figure of $475,640. The market hovers at the bottom edge of balanced, leaning toward buyer’s territory. Recent announcements regarding the remediation of the HST issue and the introduction of a new first-time homebuyer’s tax credit are expected to invigorate sales further in the weeks ahead. The global economic picture is weighing less heavily on buying intentions, as a growing
Prices were up in 14 of the 15 markets analyzed, but just three — the Greater Toronto Area, Winnipeg and St. John's — broke the double-digit mark, each with gains of 10 per cent, Re/Max reported.