{"id":10648,"date":"2018-10-25T10:10:12","date_gmt":"2018-10-25T17:10:12","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10648"},"modified":"2018-10-17T14:58:08","modified_gmt":"2018-10-17T21:58:08","slug":"crea-national-sales-volume-feels-the-pull-from-vancouver-toronto","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/10\/crea-national-sales-volume-feels-the-pull-from-vancouver-toronto\/","title":{"rendered":"CREA National Sales Volume Feels The Pull from Vancouver &#038; Toronto"},"content":{"rendered":"<p style=\"text-align: justify;\">In its latest data release, the Canadian Real Estate Association reported that residential sales across the nation fell by 0.4% month-over-month in September, the first decline since April.<\/p>\n<p style=\"text-align: justify;\">The slowdown mirrored the more significant annual trend. Compared to the same time last year, September sales decreased by 8.9%.<\/p>\n<p style=\"text-align: justify;\">CREA attributed this mainly to weaker numbers from the country\u2019s top markets. Vancouver\u2019s volume experienced a marked 1.5% month-over-month drop along with a 1.2% decrease in prices, while Toronto experienced a 0.5% sales shrinkage with a 0.1% increase in average prices.<\/p>\n<p style=\"text-align: justify;\">Nationally, the benchmark sale price of a home in September was a little under $487,000, up 0.2% year-over-year.<\/p>\n<p style=\"text-align: justify;\">CREA president Barb Sukkau cautioned that this lethargy might just be the beginning, as many urban markets are expected to \u201cbecome even more restrictive\u201d in the next few months due to sustained pressure from interest rate hikes and tighter mortgage regulations.<\/p>\n<p style=\"text-align: justify;\">\u201cIn markets with an abundant supply of homes and slower sales activity, buyers have the upper hand when it comes to negotiations over price,\u201d CREA chief economist Gregory Klump added, as quoted by The Canadian Press.<\/p>\n<p style=\"text-align: justify;\">\u201cHowever, in places where buyers are keen to make a purchase but there\u2019s a shortage of homes for sale, sellers are in the driver\u2019s seat when it comes to price. It will be interesting to see how supply and demand respond to rising interest rates amid this year\u2019s new mortgage stress-test.\u201d<\/p>\n<p style=\"text-align: justify;\">These developments indicate that home sales nationwide will exhibit a more \u201cmoderate pace\u201d in the near future, TD Economics stated.<\/p>\n<p style=\"text-align: justify;\">\u201c[The CREA report] is consistent with our forecast calling for resale activity to rise at a more moderate pace in coming quarters, as increasing borrowing costs and stretched affordability conditions in key markets keep a lid on demand,\u201d bank economist Rishi Sondhi wrote in a note.<\/p>\n<p><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/national-sales-volume-feels-the-pull-from-vancouver-toronto-249404.aspx\" target=\"_blank\" rel=\"noopener\">National Sales Volume Feels The Pull from Vancouver &amp; Toronto<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In its latest data release, the Canadian Real Estate Association reported that residential sales across the nation fell by 0.4% month-over-month in September, the first decline since April. The slowdown &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/10\/crea-national-sales-volume-feels-the-pull-from-vancouver-toronto\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-10648","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CREA National Sales Volume Feels The Pull from Vancouver &amp; Toronto &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/10\/crea-national-sales-volume-feels-the-pull-from-vancouver-toronto\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"CREA National Sales Volume Feels The Pull from Vancouver &amp; Toronto &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"In its latest data release, the Canadian Real Estate Association reported that residential sales across the nation fell by 0.4% month-over-month in September, the first decline since April. 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