{"id":13487,"date":"2019-08-29T10:10:03","date_gmt":"2019-08-29T17:10:03","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13487"},"modified":"2019-08-24T09:11:18","modified_gmt":"2019-08-24T16:11:18","slug":"crea-homes-sales-across-canada-rose-for-the-5th-consecutive-month-recorded-a-double-digit-increase-y-y","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/08\/crea-homes-sales-across-canada-rose-for-the-5th-consecutive-month-recorded-a-double-digit-increase-y-y\/","title":{"rendered":"CREA Homes Sales Across Canada Rose for the 5th Consecutive Month &#038; Recorded a Double-Digit Increase Y\/Y"},"content":{"rendered":"<p style=\"text-align: justify;\">Homes sales across Canada rose for the fifth consecutive month and recorded a double-digit increase compared to a year ago in part aided by interest rates, according to the Canadian Real Estate Association.<\/p>\n<p style=\"text-align: justify;\">However, sales in Vancouver and Toronto, the two largest domestic markets, remained \u201cwell below\u201d the levels achieved before mortgage stress tests were introduced last year, the association said.<\/p>\n<p style=\"text-align: justify;\">Sales rose by 3.5% in July compared with June and by 12.6% versus the same month in 2018, the association\u2019s figures show. The Bank of Canada kept interest rates at 1.75% last month after raising them five times from 2017 to last Oct.<\/p>\n<p style=\"text-align: justify;\">\u201cAfter a challenging 18 months, the Canadian housing market is showing widespread signs of, not just stabilizing, but firming again,\u201d BMO Chief Economist Douglas Porter said in a note to clients. \u201cWith global uncertainties driving borrowing costs lower again \u2014 Canada\u2019s 20-year government bond stands at a record low yield today \u2014 the market is poised to receive a further fillip.\u201d<\/p>\n<p style=\"text-align: justify;\">House prices advanced 0.6% from June, the largest monthly gain in two years, and 0.2% from a year ago, according to the MLS Home Price Index. Ontario cities and Montreal were mostly responsible for the increase.<\/p>\n<p style=\"text-align: justify;\">\u201cThe extent to which recent declines in mortgage interest rates have helped lift sales activity varies by community and price segment,\u201d CREA President Jason Stephen said in a statement. \u201cAll real estate is local.\u201d<\/p>\n<p style=\"text-align: justify;\">The average transaction prices, which tend to be more volatile than the MLS index because they don\u2019t take into account changes in the housing mix, rocketed 3.9 per cent compared with a year ago. Porter says the average price is still good leading indicator for the index and prices \u201care clearly headed higher.\u201d<\/p>\n<p style=\"text-align: justify;\">There was a first-quarter sales lull as buyers and sellers came to grips with last year\u2019s regulatory measures on mortgages.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019ve now had a reawakening of sales for several months, Avery Shenfeld, Chief Economist at CIBC Capital Markets in Toronto, said by phone. \u201cIn addition, mortgage rates have been edging lower so the combination of the two is making for an active market.\u201d<\/p>\n<p style=\"text-align: justify;\">Ontario\u2019s housing market continues to warm up, the data show. Niagara, London and Windsor led gains in prices with double-digit increases over a year ago while 6 of 7 reporting cities in Western Canada declined.<\/p>\n<p style=\"text-align: justify;\">The number of new listings was almost flat, easing by 0.4% in July as increases in Calgary, Toronto and Edmonton offset a decline in BC and Montreal, CREA said.<\/p>\n<p style=\"text-align: justify;\">\u201cSales continue to rise in housing markets where the mortgage stress test had little impact due to upbeat local economic conditions and a supply of affordably priced homes,\u201d CREA Chief Economist Gregory Klump said in the statement.<\/p>\n<p style=\"text-align: justify;\">\u201cMeanwhile, the mortgage stress test is doing no favours for homebuyers and sellers alike in places facing challenging local economic prospects and subdued consumer sentiment.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/business.financialpost.com\/real-estate\/mortgages\/canadian-home-sales-rise-for-fifth-straight-month-as-mortgage-rates-decline?\" target=\"_blank\" rel=\"noopener noreferrer\">&#8220;A Reawakening&#8221; : Canadian Home Sales Rise for Fifth Straight Month as Mortgage Rates Decline<\/a> by Colin McClelland | Financial Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Homes sales across Canada rose for the fifth consecutive month and recorded a double-digit increase compared to a year ago in part aided by interest rates, according to the Canadian &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/08\/crea-homes-sales-across-canada-rose-for-the-5th-consecutive-month-recorded-a-double-digit-increase-y-y\/\">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-13487","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CREA Homes Sales Across Canada Rose for the 5th Consecutive Month &amp; 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