{"id":12888,"date":"2019-06-28T10:10:35","date_gmt":"2019-06-28T17:10:35","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=12888"},"modified":"2019-06-14T12:31:54","modified_gmt":"2019-06-14T19:31:54","slug":"canadian-home-sales-continue-to-gather-renewed-strength","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/06\/canadian-home-sales-continue-to-gather-renewed-strength\/","title":{"rendered":"Canadian Home Sales Continue to Gather Renewed Strength"},"content":{"rendered":"<p style=\"text-align: justify;\">Canadian home sales in May posted the largest annual increase in any month since federal policymakers introduced stress testing for uninsured mortgages in January 2018, notes BMO Chief Economist Douglas Porter.<\/p>\n<p style=\"text-align: justify;\">\u201cCanadian home sales continue to slowly gather renewed strength,\u201d writes Porter in a response to the latest numbers from the Canadian Real Estate Association (CREA), which showed national home sales were up 1.9 percent in May compared to April and 6.7 percent annually.<\/p>\n<p style=\"text-align: justify;\">The year-over-year increase was the largest recorded in the past three years.<\/p>\n<p style=\"text-align: justify;\">Home prices remain tepid, but they could soon heat up as well, Porter suggests. \u201cPast softness in the market is still holding prices in check, but sales activity leads prices, so that may change,\u201d he says.<\/p>\n<p style=\"text-align: justify;\">The benchmark price of a Canadian home, including condo apartments and houses, was $624,400 in May, up 0.4 percent from April but down 0.6 percent on a year-over-year basis.<\/p>\n<p style=\"text-align: justify;\">While the Canadian housing market flexed its muscles last month, challenges still remain, suggests Gregory Klump, CREA\u2019s chief economist.<\/p>\n<p style=\"text-align: justify;\">\u201cThe mortgage stress-test continues to present challenges for home buyers in housing markets where they have plenty of homes to choose from but are forced by the test to save up a bigger down payment,\u201d says Klump in a statement.<\/p>\n<p style=\"text-align: justify;\">The introduction of stress testing for uninsured mortgages last year meant that home buyers could no longer avoid more stringent qualifying rules by putting forward a downpayment of 20 percent or more.<\/p>\n<p style=\"text-align: justify;\">Previously, only insured mortgages (homebuyers who can\u2019t cobble together a 20-percent downpayment must obtain mortgage insurance) were subject to stress testing.<\/p>\n<p style=\"text-align: justify;\">The newer stress tests require a borrower to qualify at a rate that is 2 percentage points higher than what their lender is offering on the contract.<\/p>\n<p style=\"text-align: justify;\">Many in the real estate industry have called for changes to the stress tests, such as lowering the threshold and waving the rules if a borrower wants to switch lenders upon renewal. CREA is among the groups calling for change.<\/p>\n<p style=\"text-align: justify;\">\u201cHopefully the stress-test can be fine tuned to enable home buyers<br \/>\nto qualify for mortgage financing sooner without causing prices to shoot up,\u201d says Klump.<\/p>\n<p style=\"text-align: justify;\">Here\u2019s how markets performed across Canada last month :<\/p>\n<p>\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/?attachment_id=12889\" rel=\"attachment wp-att-12889\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-12889\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/06\/canadian-housing-market-performance-288x231.png\" alt=\"\" width=\"600\" height=\"481\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/06\/canadian-housing-market-performance-288x231.png 288w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/06\/canadian-housing-market-performance-768x615.png 768w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/06\/canadian-housing-market-performance.png 808w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/06\/canadian-home-sales-just-best-month-since-strict-new-mortgage-rules-took-effect.html\" target=\"_blank\" rel=\"noopener noreferrer\">Canadian Home Sales Just Had Their Best Month Since Strict New Mortgage Rules Took Effect<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian home sales in May posted the largest annual increase in any month since federal policymakers introduced stress testing for uninsured mortgages in January 2018, notes BMO Chief Economist Douglas &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/06\/canadian-home-sales-continue-to-gather-renewed-strength\/\">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-12888","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canadian Home Sales Continue to Gather Renewed Strength &#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\/2019\/06\/canadian-home-sales-continue-to-gather-renewed-strength\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadian Home Sales Continue to Gather Renewed Strength &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canadian home sales in May posted the largest annual increase in any month since federal policymakers introduced stress testing for uninsured mortgages in January 2018, notes BMO Chief Economist Douglas &hellip; [read more]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/06\/canadian-housing-market-performance.png\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/06\\\/canadian-home-sales-continue-to-gather-renewed-strength\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/06\\\/canadian-home-sales-continue-to-gather-renewed-strength\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Canadian Home Sales Continue to Gather Renewed Strength\",\"datePublished\":\"2019-06-28T17:10:35+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/06\\\/canadian-home-sales-continue-to-gather-renewed-strength\\\/\"},\"wordCount\":385,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"image\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/06\\\/canadian-home-sales-continue-to-gather-renewed-strength\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/06\\\/canadian-housing-market-performance-288x231.png\",\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/06\\\/canadian-home-sales-continue-to-gather-renewed-strength\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/06\\\/canadian-home-sales-continue-to-gather-renewed-strength\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2019\\\/06\\\/canadian-home-sales-continue-to-gather-renewed-strength\\\/\",\"name\":\"Canadian Home Sales Continue to Gather Renewed Strength &#8226; 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