New Housing Listings Climb as Slowdown Expected
According to the Canadian Real Estate Association (CREA), the month of April saw Canadians list their homes in record numbers. Is this a slump? No, this is simply a situation where everybody who tracks these sorts of numbers all seem to agree that we’re now in the position where there is nowhere else to go but down in sales and prices.
Chief economist with CREA, Gregory Klump, maintains that “we are still a far cry from where we were”, referring to the market in January 2009 that is considered to be the bottom of the market.
Inventory in April rose to the highest since May 2009, with new listings showing no sign of stopping.
What seems to be happening is that Canadians are moderating themselves before the higher rates and the HST hits.
It looks like the housing situation is unfolding just as expected, with slow sales numbers coming in for the second half of 2010.
