{"id":10882,"date":"2018-11-26T10:10:18","date_gmt":"2018-11-26T18:10:18","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10882"},"modified":"2018-11-15T14:40:08","modified_gmt":"2018-11-15T22:40:08","slug":"home-sales-fall-as-markets-across-the-country-generally-balanced-prices-growing-at-manageable-pace","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/11\/home-sales-fall-as-markets-across-the-country-generally-balanced-prices-growing-at-manageable-pace\/","title":{"rendered":"Home Sales Fall as Markets Across the Country Generally Balanced & Prices Growing at Manageable Pace"},"content":{"rendered":"

Canadian home sales fell 1.6 percent month-over-month in October, the second month of falling activity for the housing market.<\/p>\n

Previously well performing markets saw sales declines, including a 2.9 percent drop in Montreal and a 16.8 percent decline in Hamilton, according to the latest data release from the Canadian Real Estate Association (CREA).<\/p>\n

\u201cSales fell for the second straight month in October, signaling that the post [mortgage stress test] bounce in activity observed from May to August has run its course,\u201d writes TD economist Rishi Sondhi, in his latest note. \u201cRising borrowing costs are restraining activity.\u201d<\/p>\n

Sondhi notes that, while the market had seemed to adjust to stricter mortgage qualification rules over the summer, higher interest rates appear to be creating a dampening effect.<\/p>\n

Meanwhile, national new listings fell 1.1 percent in October, keeping the national sales-to-new listings ratio relatively balanced at 54.2 percent. A ratio of between 40 to 60 is considered balanced, with readings above and below indicating buyers\u2019 and sellers\u2019 markets, respectively.<\/p>\n

Prices also slumped \u2014 the average national home price fell 0.2 percent month-over-month, and 2 percent year-over-year.<\/p>\n

\u201cPolicymakers are probably pleased with what has so far been an orderly slowdown in housing, with markets across the country generally balanced and prices growing at a more manageable pace,\u201d writes Sondhi.<\/p>\n

According to Gregory Klump, chief economist of CREA, the slumping activity reflects cooler conditions in the Golden Horseshoe region, while markets in British Columbia continue to underperform.<\/p>\n

\u201cEven so, the balance between sales and listings in these regions points to stable prices or modest gains,\u201d writes Klump. \u201cBy contrast, the balance between sales and listings for housing markets in Alberta, Saskatchewan and Newfoundland indicates a weak pricing environment for homeowners who are looking to sell.\u201d<\/p>\n

Canadian Home Sales Fall in October as The Summer Activity “Bounce” Runs Its Course<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

Canadian home sales fell 1.6 percent month-over-month in October, the second month of falling activity for the housing market. 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