Welcome guest.  ( Sign in )

National Home Sales fall 6.7%

July 27, 2017 - Updated: July 27, 2017

Home sales fall once again

 
 

National home sales fell 6.7% in June, the largest month-over-month drop since June 2010.

That decline was influenced by cooled demand in the Greater Golden Horseshoe Area following Ontario’s unveiling of its Fair Housing Plan, according to the Canadian Real Estate Association.

“Changes to Ontario housing policy made in late April have clearly prompted many homebuyers in the Greater Golden Horseshoe region to take a step back and assess how the housing market absorbs the changes,” said Gregory Klump, CREA’s Chief Economist. “The recent increase in interest rates could reinforce a lack of urgency to purchase or, alternatively, move some buyers off the sidelines before their pre-approved mortgage rate expires. In the meantime, some move-up buyers who previously purchased a home before first selling may become more motivated to reduce their asking price rather than carry two mortgages.”

The average home price increased 0.4% year-over-year last month to $504,458.

New listings, meanwhile, were down 1.5% in June – due in large part to pullbacks in the Greater Toronto Area.

Nationally, the market is considered balanced, with a sales-to-new listings ratio of 52.8%.

CREA suggests new housing demand will be negatively impacted by last week’s rate decision, when the Bank of Canada increased its benchmark rate to 0.75%.

“Canadian economic and job growth have been improving, which is good news for housing demand,” CREA President Andrew Peck said. “However, it also means that interest rates have begun to rise, which may impact homebuyer confidence – particularly in pricier markets like Toronto and Vancouver where recent housing policies had already moved potential buyers to the sidelines.

“In lower priced markets, the effect of higher interest rates on housing affordability will be relatively muted.”

 

Visit us at DurhamBungalows.ca for all your Real Estate needs.

 

Source: http://www.canadianrealestatemagazine.ca/news/home-sales-fall-once-again-228258.aspx

 


Tagged with: home sales house prices
| | Share

Boost your Credit Score regardless of age.

Originally posted on: April 26, 2018
Filed under: credit credit score
Credit scores are important. Many people are taking more time to review their scores and finding ways to improve them, especially younger consum ...

Green Ontario Fund Energy Rebates

Originally posted on: April 10, 2018
Last updated on: April 10, 2018
Filed under: green on greenon energy
If you have not heard of this, it is a Government Program to entice us to have a smaller carbon footprint and reduce energy costs. There are dif ...

History of Easter

Originally posted on: March 29, 2018
Last updated on: March 29, 2018
Filed under: easter history
Happy Easter Weekend! The Ancient Pagan Origins of Easter ...

How to protect your information.

Originally posted on: March 2, 2018
Last updated on: March 2, 2018
Filed under: online password protection
Many of us spend a lot of time online. We shop, use social media to connect with family and friends, send personal and business emails, pay bill ...

History of Valentine's Day

Originally posted on: February 14, 2018
Last updated on: February 14, 2018
Filed under: history valentine valentines
Happy Valentine's Day Everyone, If you have ever wondered how Valentine's Day start here is an article that goes over it. Plea ...
Sales Representative


Durham Bungalows
Brokerage
Independently owned and operated.

420 Green Street #105
Whitby, ON L1N 8R1


Phone: 1-289-274-2273
Powered by Lone Wolf Real Estate Technologies (CMS6)