CREA reports 11.1 percent increase in home sales

The Canadian Real Estate Association raised its outlook for homes sales this year as it reported a 11.1 percent jump in August sales compared with 2012.  The industry organization said it now expects sales of 449,900 homes this year compared with a June forecast of 443,400. CREA had reported 454,573 sales for 2012.

 

Recent increases to fixed mortgage rates caused sales to be pulled forward as buyers with pre-approved financing at lower rates jumped into the market sooner than they might have otherwise" CREA chief economist Gregory Klump said in a statement

Read More at The Toronto Star

Luxury Home sales expected to be strong

From the Toronto Star/Canadian Press:

Sales of high-end homes worth at least $1 million were up in major Canadian urban markets in the first half of the year compared with the second half of 2012.

Sales were up 65 per cent in Vancouver, 67 per cent in Calgary, 61 per cent in Toronto and 29 per cent in Montreal.

 

The article suggests that foriegn buyers are expected to continue to fuel the demand for homes in the $1M+ range.

Toronto Star

Hidden costs of ownership

Trulia.com has posted a great article outlining some of the 'hidden' or oft-forgotten costs associated with new home ownership.  This is a great reminder for first-time purchasers to thoroughly research and understand expected expenses, and prepare for the unexpected!

Don’t let the potential for unexpected costs of home ownership turn you off. Do let it underscore the brilliance of adding in a line item for cushion and buying slightly below what you can afford. 

- Tara-Nicholle Nelson, via Trulia.com 

You can read the full article here:  http://www.trulia.com/blog/taranelson/2013/07/7_more_hidden_costs_of_ownership

 

 

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