THUNDER BAY – “Demand has never been stronger in Thunder Bay,” states RE/MAX Broker Vince Mirabelli. “We’ve experienced numerous years in a row of escalating prices and increasing demand but the start of 2012 has seen uncharted waters. Historical low interest rates combined with with the lowest inventory and steadily increasing demand have our market in a major upswing”. The RE/MAX Market Trends Report , highlighting sales, price, trends and developments in 15 markets across the country, found that 12 of 15 Canadian centres (80 per cent) were reporting year-to-date (January-February) sales activity ahead of last year’s levels, with more than half reporting double-digit increases.
“It’s a great time to buy and sell.” continued Mirabelli, adding “The optimism can be seen in the air”.
Major Canadian real estate markets continued to show exceptional resiliency throughout the first quarter of the year, with strong demand and diminished supply setting the stage for a heated spring 2012, according to a report released by RE/MAX.
The RE/MAX Market Trends Report , highlighting sales, price, trends and developments in 15 markets across the country, found that 12 of 15 Canadian centres (80 per cent) were reporting year-to-date (January-February) sales activity ahead of last year’s levels, with more than half reporting double-digit increases.
Low interest rates, coupled with strong consumer confidence levels and a mild winter, played a significant role in the upswing, ushering in an early start to the spring market.
Average price climbed in 14 of 15 markets (93 per cent) examined, yet appreciation was more tempered, with only three markets posting gains in excess of 10 per cent. Tighter inventory levels at entry-level price points have sparked bidding wars-particularly in Winnipeg and the Greater Toronto Area-with similar conditions starting to emerge in Saskatoon, Regina, London-St. Thomas, Hamilton-Burlington, Ottawa, St. John’s, and Halifax-Dartmouth.