Best July on Record for MLS® home sales
National resale housing market activity continued climbing in July 2009, with sales posting the largest year-over-year gain in two years. It was also the first time on record that sales activity topped 50,000 units for the month of July in any year on record.
According to statistics released by The Canadian Real Estate Association (CREA), a total of 50,270 homes traded hands via the Multiple Listing Service® (MLS®) of Canadian real estate boards in July 2009. This is up 18.2 per cent from the same month last year, and stands 3.9 per cent above the previous record for the month of July set back in 2007.
Read the full news release.
CMHC Housing Forecast for Halifax (2009)
After a record-setting year in 2007, MLS® sales have cooled in 2008 and activity will remain subdued during 2009. The number of MLS sales dropped close to 11% in 2008 and sales are expected to fall a further 4% in 2009. In spite of the decline in 2008, the number of MLS sales remains very near previous record levels recorded in 2002 and 2005.
The average price of an existing home in Metro Halifax continues to rise and while price growth will slow, it will still remain positive throughout the forecast period. Resale prices are expected to rise 3% in 2009, leading analysts to forecast the average sale price of an existing home to be $235,000 in 2009.
For a new home, however, the average price is forecast to be $355,000 in 2009 which is 50% higher than an average existing home.
Download the full forecast from Canada Mortgage and Housing Corporation (CMHC): 2009 Housing Market Outlook — Halifax
It is a buyer's market right now, and with the mortgage rates so low, makes it a good time to buy. So please contact me and we can get started on finding the perfect home, cottage, or investment property for your family.
|