Canadian Home Sales Increased in August Amid Rising Fixed Mortgage Rates. Home Sales for August 2013 in Major cities Toronto, Ontario, Vancouver and Victoria BC, Calgary and Edmonton Alberta, have increased compared to this time last year.Canadian Home Sales Increased in August Amid Rising Fixed Mortgage Rates
Toronto Ontario Home Sales – According to Toronto Real Estate Board Statistics gathered from Greater Toronto Realtors, Sales were up this August with 7,569 housing Sales compared to last August 6,249 Housing Sales, that is a 21% jump in Sales. Not only were sales up, but average selling price was up 5.5%.
Vancouver Home Sales – Greater Vancouver sales increased, according to The Real Estate Board of Greater Vancouver, by a whopping 52.5% with Residential Property Sales in August 2013 at 2,514 up from August 2012 sales of 1,649.
Greater Victoria Home Sales – According to the Victoria Real Estate Board, Sales were up 16.8% from last August and Sales of 540 properties sold were the best they’ve seen in Greater Victoria Area in 5 Years. Residential Home sales were up in August 2013 to 540 as compared to 430 Residential Sales in August 2012.
Calgary Home Sales – The City of Calgary Home Sales for August 2013, as per statistics from the Calgary Real Estate Board, were up at 2,196 total sales from August 2012 total sales of 1,722, that is an increase of 27.53% with the average price up by 8.80%.
Edmonton Home Sales – The number of Residential Home Sales for August 2013 was 1,490 as compared to August 2013 at 1,356 total residential sales, according to the Edmonton Real Estate Board. The all-residential average price was up 3.7% over the same time last year.
The increase in home sales for August may be a direct result of the rising fixed Mortgage Rates in Canada. Canadians are wanting to lock in best rates for fixed mortgages amid the rising fixed rates over the past few months.
Speak to your local Mortgage Broker to find out if the recent rising cost of fixed mortgage rates will affect you or if now is the right time to lock in the best fixed mortgage rate.