Canadian home buyers have been very active in the first two months of 2010. There is a new Harmonized sales tax in British Columbia and Ontario, new mortgage rules and a very good possibility mortgage rates might rise are possible reasons for this activity.

Remax issued a recent report showing 16 Real Estate Markets across Canada showed unusual strong activity in January, usually a quiet month for resales.

According to this report there will be too many home buyers and not enough homes on the resale market

Toronto Real Estate listings were down 41 per cent in January, 2010 from just a year earlier resulting in multiple bidding an higher prices on some resales in desirable Toronto locations.

Remax summed up their report-"The supply of homes listed for sale has been drastically reduced, housing values are once again on the upswing, and Banks and governments are moving in unison toward stricter lending polices."

Source: Remax