More Positive News On House Sales
“Housing sales show two-month rebound” was the headline in The Financial Post on April 16th.
For the second month running the number of homes sold in Canada rose. March figures showed a 7% increase on February; February saw a 10% increase on January.It is too soon to be called a recovery but it is positive news. At the very least it may signal the return of some confidence to the real estate market.
According to The Post there are a number of influential factors:
- Low interest rates: 5 year mortgage rates at an all time low.
- Government incentives
- Increase in the allowable withdrawal from registered savings plans for first-time buyers to $25,000 from $20,000
- Tax credit of $5,000 home buyers may count against their incomes
- Large inventory of homes for sale
I can almost hear the Beatles singing ” I read the news today, Oh Boy.”