July’s statistics have been very encouraging for the real estate market in our area. We are still in a very balanced market between Buyers and Sellers. According to Peterborough and Kawarthas Association of Realtors, July has seen a decrease of listings from 2011 of 12% but number of sales in 2012 have remained consistent with 2011. Year to date we are up in 2012 by 4% from 2011 for sales. This has been consistent across the nation. According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity remained stable from June to July 2012.
“Some first-time home buyers may have difficulty qualifying for mortgage financing due to shortened amortization periods included in recent changes to mortgage regulations,” said Gregory Klump, CREA’s Chief Economist “As the lynchpin of the housing market, lower first-time buying activity will have knock-on effects over the rest of the market. It will likely take more time for move-up buyers to sell their current home.”