House sales on the up in CanadaInterest rates on Canada mortgages are on the way up and this seems to have sparked a surge of buyers back to the market. During the last twelve months sales of residential real estate in Canada have been decidedly slow but in the last couple of months more buyers appear to be keen to buy property in Canada. During May sales of established homes increased by more than 3.5 per cent – the largest monthly gain for nearly two and a half years following the government’s decision to tighten lending conditions in a bid to deflate the housing bubble.
Experts differ in their view of the market for property in Canada the more pessimistic are concerned that a housing bubble is on the horizon particularly in view of the rising cost of property and the impending interest rate increases across most Canada mortgages. Other industry specialists believe the recent activity is a sign of market resilience.