Hints of recovery as volume of existing home sales up 7 per cent in March
Looking to get into a bigger home, townhouse owner James VanderLinden decided last month was the time to make a move. A buyer in a struggling economy, he bought a new home under asking price - paying $1.1-million in midtown Toronto - but hadn't yet sold his first place.
"I wanted to take advantage of the market," said Mr. VanderLinden, 34, who works in online advertising. "I knew also that selling my current house, I would probably not get as much money for it as I would if the market was up."
But his fears were put to rest two days later, when his townhouse sold for $275,000, just $4,000 under his asking price. It's a cautious sign for optimism that's playing out across the country, where sales volumes are up. After a long, harsh winter of woe, a housing sales thaw may be on its way.
The Canadian Real Estate Association said yesterday that the volume of existing home sales was up 7 per cent in March, on the heels of February's 10.3-per-cent gain in activity.
"The story is that price reductions are working as intended. They are stabilizing the market and they are drawing buyers...who are taking advantage of improved affordability," said Gregory Klump, CREA's chief economist. *full story
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