Miércoles, 20 Setiembre, 2017

Canada Existing Home Sales Fall in June

A sold sign is shown in front of west-end Toronto homes earlier this year. THE CANADIAN PRESS  Graeme Roy A sold sign is shown in front of west-end Toronto homes earlier this year. THE CANADIAN PRESS Graeme Roy
Danilo Martir | 18 Julio, 2017, 00:03

The Canadian Real Estate Association (CREA) said on Monday that the selling of home in Canada recorded its lowest in the last seven years.

The transaction for the sale of houses decreased by 6.7% as compared to May on a monthly basis.

Actual (not seasonally adjusted) activity was down 11.4 per cent compared to the same time past year, led overwhelmingly by a significant drop in sales activity in the Greater Toronto Area (GTA), the CREA report said.

Meanwhile, the association's index measuring house prices slowed for a third straight month, climbing 15.8% in June from a year ago, or off from the recent April peak of a almost 20% advance.

With sales down and months of supply slowly growing in the Greater Golden Horseshoe, BMO economists Douglas Porter and Robert Kavcic argue that Ontario's new policy did indeed cool the market. Separately, the Toronto Real Estate Board has said June sales dropped 37.3 per cent from the previous June, while new residential listings climbed 15.9 per cent.

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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%. Mr. Klump said this too will weigh on national sales in the coming months.

"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".

However, Porter and Kavcic say the national average price is skewed as its weight is dominated by Toronto's slowing but elevated activity.

But some experts believe that home prices in Canada will keep rising, despite the interest rate hike.

The latest home price data came the day after the Bank of Canada raised interest rates for the first time in almost seven years.

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The actual national average price for homes sold in June 2017 was $504,458, up just 0.4 per cent from where it stood one year earlier.

While the slowdown in Toronto and area sales pulled down the national real estate activity.

On a year-over-year basis, half of all local markets saw a decline in sales last month. Also, sales are down 14.1% compared to the record level seen in March.

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

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