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Thursday, 27 June 2013

Housing starts are up

Building permits are up. Housing starts are up. Rates will be up soon too. This is your last call for historical low rates. 
MortgagePRO still able to help you with our pull to get the vary low rates, however not too long, act now, get your home before rates and prices go up. 
Canadian Real Estate Association has improved its forecast for home re-sales. It sounds fairly upbeat but it is really just a slowdown in the sales retreat that has been underway since the new mortgage rules went into effect last July.

Nationally, May re-sales came in 2.6% lower than a year earlier. But what CREA finds encouraging is the 3.6% increase in May over April. It is the biggest month-over-month jump in nearly two and a half years and it has the association adjusting its annual forecast to a 2.5% decline. That is an improvement over the earlier projection for a 2.9% decline. It is the first upgrade following three consecutive downward revisions.

The national average price for a home in May came in at a little less than $389,000, up 3.7% from a year ago. CREA expects to see the average price for 2013 increase by 2.


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