We got the news, we got the graphs to prove it, and hot off the press are the MLS Trends for the second quarter in the Eastern Region of Newfoundland.
There's no mistaking it now - its a Buyers Market!!!! We danced around the "balanced market" but Realtors know a bit about economics so when more inventory hits the marketplace there is less demand.
So the good news is active listings have reached all time highs which means lots of inventory for those shopping for a new home. And speaking of new homes builders are now using the MLS more and more to market their properties. The listing to sales ratio is 12.7 percent compared to last year at 15.9.
Now with all that good news heres the downside the Bank of Canada has increased its prime lending rate to 6.25% so inevitably the one to five year rates are hovering around 5.75% to 6.75% and looks like an increase is in store for 2008 by about .50%. For all you who remember double digit interest rates, these are still bargains.
For more information visit Canada Mortgage & Housings website at http://www.cmhc.ca/housingmarketinfo or me at http://www.MyNewfoundlandHome.com
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