As per the Canadian Real Estate Association’s (CREA) latest update, national home sales fell 1.7% from March to April and 7.5% compared to last year. Newly listed homes, however, were up 10% from March to April. This is good news if you are looking to purchase a home now with more home listings entering the market and hopefully less bidding wars which have contributed to rising prices.
Canadians still have a strong desire for home ownership for both lifestyle and long term financial reasons. Many Canadians have taken advantage of recent increases in the value of their current homes and are moving up to larger homes or using the equity to buy investment properties. Apart from the fact that you get to live in your tangible investment, down the road when you decide to sell, the proceeds of your principal residence are tax free unlike other investments. This is a significant advantage come retirement time.