Canadian Housing Market Slows Slightly
Housing stats from May, 2010 offer proof of what many of us already knew. The market is slowing. Of course we expect this trend to continue in the immediately coming months.
High rise condo sales dropped slightly, from just over 1700 units sold in April to just over 1500 in May. Condo unit pricing dropped by an even less significant number, just over $425,000 to just under $424,000.
Low rise condominium sales also decreased slightly from just over 1,500 to just under 1,500. The average pricing from April to may dropped from just under 490,000 to slightly below $480,000.
In the resale home market, however there was actually a 20% dip from April to May.
The big question is, what do these numbers and figures mean for those seeking to purchase a new home? The immediate answer is not much, really. While housing prices may have dropped and sales may have slowed, there are many contributing factors that can be attributed to these stats, such as the implementation of HST and less expensive housing project developments. Home buyers should not interpret these stats to mean that it is now an inopportune time to purchase, nor should they jump into a purchase due to fear that now is the only time to buy.
Read more about May stats and trends in this Globe and Mail article, entitled In Toronto, Multiple Factors are at Work Shaping a See-Saw Market. And if you happen to be considering a home purchase, and you are trying to wade through the data and statistics of market trends, part of your research should include talking to an experienced and reliable Canada mortgage broker.
