Economists and brokers predict activity to return to Canada\u0027s housing market this spring.
The market has been sluggish since last year, when prospective buyers started putting off plans to purchase homes as the Bank of Canada aggressively hiked interest rates eight consecutive times.
“We got a flood of buyers in January, in February and we still are getting more and more and we started seeing multiple offers return and bully offers return,” said Michelle Gilbert, a Toronto broker with Sage Real Estate Ltd.Article content Many first-time buyers are finding it harder to qualify for mortgages, but still want to make a purchase, so they are compensating by adjusting their expectations, said Gilbert.
Weeks after the Bank of Canada signalled further interest rate hikes were unlikely, she said properties started selling quickly and with multiple offers. February’s new listings totalled 51,366, down 26 per cent from a year ago, the Canadian Real Estate Association recently revealed. On a seasonally-adjusted basis, they hit 57,535, down nearly eight per cent from January.Article content
“They’re noticing the shift in the market as well and they want to get top dollar for their property, so they’re thinking maybe let’s wait until the spring or the summer.”
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