Lack of inventory will be the greatest challenge facing housing markets across the country this Spring, according to a report released by RE/MAX. The RE/MAX Market Trends Report 2010, which examined real estate trends and developments in 16 markets across the country, found that unusually strong activity during one of the traditionally quietest months of the year has led to a sharp decline in active listings in 81 per cent of markets surveyed. The threat of higher interest rates, tighter lending criteria, and in British Columbia and Ontario, the introduction of the new Harmonized Sales Tax (HST) have clearly served to kick-start real estate activity from coast-to-coast, prompting an unprecedented influx of purchasers. As a result, 87.5 per cent of markets posted an increase in sales in January. In Calgary the number of active listings in January were down 26% from 2009. View full report here.
For homeowners contemplating selling this signals that the conditions are prime for getting your home on the market early in the spring. Contact us for more specific market information.