A new CREA report sees condo sales up for Canada’s major cities despite sinking oil prices, and says the trend shall continue for the rest of the year.
Another report by Re/Max finds the strongest sales growth in Calgary, with a 21.7% increase in year-over-year. Annual sales in Vancouver and Toronto also jumped to 14.1% and 10.2%, respectively.
“Many first-time buyers continued to feel the impact of the Canada Mortgage and Housing Corporation’s tightened lending criteria, which were revised in 2012,” Re/Max said in its 2015 Housing Market Outlook Report.
“The new mortgage lending regulations have delayed the entry of first-time buyers into the market in many regions.”
Meanwhile, for an agent with The Condo Store in Toronto, 2015 is set to be a solid year.
“I think this will be another solid year,” said Matt Elkind. “The demand is going to continue. That trend away from houses, just with the prices of housing going up dramatically, more people are happy being downtown and living the condo lifestyle.”
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