Active listings down in 81% of markets for January

Low inventory levels set stage for heated spring market in most major Canadian centres.  This lack of inventory will be the greatest challenge facing housing markets across the country this Spring, according to a report released today by Re/Max. The threat of higher interest rates, tighter lending criteria, and in BC 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 and unprecendented influx of purchasersAs a result 87.5% of markets posted an increase in sales in January.  Average price appreciated in 81% of markets surveyed.  “There have never been so many motivating factors in play ay once,” says Michael Pilzler, executive Vice President, Re/Max Ontario-Atlantic Canada. “We’re in for a heated Spring market that will, in all probability, spill over into the summer months, as the window of opportunity draws to a close”

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