It seems that investors in the small property market are slowing down a bit after their buying spree in 2012. This past March saw HELOC growth subside drastically, according to Equifax’s latest Consumer Credit Trends Report. That report, released this past Tuesday, noted that there was only a 3.3 percent increase in HELOCs in March of 2013 compared to March of last year, $250.6 billion and $242.5 billion, respectively.
This past March was a bit of a disappointment as far as existing home sales across Canada. Compared to March of 2012, figures saw a 15.3 percent decrease. On the other hand, according to the Canadian Real Estate Association or CREA, figures for this past March were 2.4 percent higher than in this past February.
Jim Flaherty, Canada’s Finance Minister has been criticized for recent interventions into the private mortgage industry. He notes that the counselling he’s been giving to banks like Manulife and BMO were done because of concern for the consumers.
You may just get lucky and list your Vancouver property and have it sell within days and at a substantial profit. Then again you may have to wait awhile. The spring selling season is here and so far in British Columbia the jury is still out on how the real estate market will fare.
TD Economics just released its latest report on the Canadian housing market this past week. The good news is that a crash is unlikely within the next decade. The not so good but not really that bad news is that market won’t be winning any awards for performance.