A National Real Estate survey by Royal LePage shows that 61 per cent of more than 1,100 Royal LePage Real Estate agents believe the current Real Estate Market is sustainable. Canada's resale market saw record sales numbers in July so much so that the Canadian Real Estate Association ( CREA ) revised their housing forecast upwards for the remainder of 2009.
The survey found the following factors contributed to the recent increase in housing records:
- Low interest rates
- Believe the economy is strengthening
- Release of pent up demand
- Not wanting to miss the rally in home prices
- Perception of long term job stability
- Positive media coverage
- Government incentives
Asked why sellers are choosing to sell now:
- Upgrading
- Downsizing
- Relocating
- Realize a return on their investment
- Retiring
Lower interest rates (over 66 per cent of responses) and upgrading ( 33 per cent of sellers motivation ) were the main drivers of this record market.
