Sales activity with a new sense of stability

Sales activity from the two largest real estate boards was reported last week and they reflected signs of a new underlying sense of stability in these markets. In Vancouver, sales remain lower than historical averages but listings and sales have moved toward a better balance. Toronto continues to see modest price increases despite lower sales volumes. The Calgary market's very tight inventory levels pushed prices higher by 9% in March. RBC published research last week which clearly shows that the growth in household debt levels - non-mortgage debt in particular - is moderating considerably. And, CIBC released results from a survey of Canadian homeowners about additional consumer debt and when they think that they will be mortgage free. Royal LePage published its House Price Survey for the first quarter of 2013 and it suggests that the housing market experienced "slightly positive price trends" over the period. Joel Sida taken from Mcap newsletter