The near-meltdown of the financial sector led to stricter lending guidelines and curtailed the amount of investment money available for supporting startups.
We expect to see sales up for the remainder of 2013, as the pent-up demand that resulted from stricter mortgage lending guidelines continues to be satisfied.
It is also important to note that the supply of ground-oriented listings remains constrained, due in part to the additional land transfer tax and stricter lending guidelines.
We are a year removed from the onset of stricter mortgage lending guidelines and many households who put their decision to purchase a home on hold have reactivated their search.