A stable market means opportunity

With low interest rates and the average home sale being close to 7 months from listing date, this is a good time for consumers to look at their buying options.

The Canadian housing market has taken a few turns over the past year.
According to The Canadian Real Estate Association (CREA) the national resale
housing activity improved in August. Sales rose 4.1 percent from the
previous month and this is the first increase since March 2010.

"I think consumers are seeing today's market as an opportunity and that's
why we saw an increase in August stats. With today's competitive mortgage
rates and negotiating power with home prices - many consumers who were
waiting to buy may have reached that time where they can achieve the home
ownership they are looking for," says Complete Mortgage Services Inc.

According to CMHC's Chief Economist, Bob Dugan - MLS(r) sales will move
lower and are expected to be in the range of 425,000 to 490,700 units, with
a point forecast of 456,000 units. With an improved balance between demand
and supply, the average MLS(r) price is expected to edge lower through the
end of 2010 and then rise modestly in 2011.

"I think many home buyers have been waiting to see what the market was doing. My clients are now seeing that this may be the time where they can afford a house they may not have been able to get 2 years ago. I think this prompted some of this activity," says Complete Mortgage Services Inc.

With the market becoming more balanced, average home price being stable and
listings remaining on the market longer it looks like we will continue to see normal levels of sales activity. It is important consumers stay up to date on their buying and financing options and to get pre-qualified from your mortgage broker.

Contact Laurie Baird and Scott Mason of Complete Mortgage Services Inc. for more information on any financial questions you may have and to obtain a
FREE financial analysis.

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.