Market Update – April 2017

Are you a Canadian looking to purchase a home? If so, then look no further than Altrua Financial to help you with your home financing needs.

We are qualified experts on all things mortgages and are dedicated to helping you find the maximum amount of savings on your home loan.

Part of this means staying up to date on the latest market news and trends, in order to be able to offer our Kitchener clients the lowest Kitchener mortgage rates possible. By monitoring the markets around where our clients wish to purchase homes, we can provide more accurate information and assistance as they move forward through the mortgage process.

According to the Kitchener-Waterloo Association of REALTORS, there was a total of 474 sales of residential property in the month of February this year. Compared to the total number of sales in the same month a year earlier, that is an increase of close to 4%.

This statistic is impressively high as we begin moving out of the colder months. Home sales typically remain lower until later in the year, so to an increase so early on is a testament to the current strength of the local real estate market.

The President of the KWAR stated that he believes this figure could have been even higher if it weren’t for the substantial lack of available homes listed on the market today. In February of 2017, there were about 799 fewer active listings than in February 2016.

There are a few different ways that a low amount of available homes can impact the number of homes being sold. For one, if there are fewer homes available, there will have to be fewer homes that are sold. It also should be taken into consideration that when there is a shortage of supply, demand will increase, driving competition to increase as well.

When there are multiple offers being made on houses due to the lack of availability, the process will take even longer, delaying home sales and affecting home sales statistics. These bidding wars can also drive up the prices of certain homes, leading to prices that fewer buyers can afford.

At Altrua Financial, we want to help you as you invest in yourself and in the mortgage process. We have access to important market information and contacts in the real estate industry that can help you find the perfect house for the financial plan we create together.

We are proud to offer our clients the lowest rates and the highest service around, and we look forward to doing the same for you! Call us for more information or to set up your mortgage consultation today!

 

Source: http://creastats.crea.ca/kitc/
Source: http://www.kwar.ca/category/market-updates/

By | 2017-04-04T03:49:46+00:00 April 4th, 2017|Uncategorized|0 Comments

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