The results have been better than was envisaged in residential transactions which were carried out in the country during the third quarter. The Canadian Home Builders Association (CHBA) must positively revise its forecasts on the level of resales for the current year and for 2010.
“The speed and the extent of the recovery of the residential market to date made climb the forecasts relative to the number of transactions concluded on the national scale with 432.600 residences. That represents an annual fall of 0,4% compared to the results obtained in 2008, and an important positive revision compared to the forecasts with a fall of 14,7% announced by the CHBA last May”, lets one know.
Dale Ripplinger, the president of the organization states: “The difference noted on the residential market of current resales compared to the beginning of the year is like day and night, especially in the West of the country. ”
It is believed that the interest rates have a lot to do with this change of course and the CHBA thinks that buyers are quick to buy in order to benefit from the enticing interest rates before the cost of financing increases again.
The organization foresees that 77.800 real-estate transactions will be registered in Quebec in 2009 and 80.750 in 2010.