{"id":15469,"date":"2020-04-29T11:11:00","date_gmt":"2020-04-29T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=15469"},"modified":"2020-04-16T14:41:29","modified_gmt":"2020-04-16T21:41:29","slug":"canadian-saw-14-decline-in-home-sales","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/04\/canadian-saw-14-decline-in-home-sales\/","title":{"rendered":"Canadian Saw 14% Decline in Home Sales"},"content":{"rendered":"<p style=\"text-align: justify;\">Home buying activity in major markets across Canada dropped steeply in the second half of March, leading to what amounted to a 14 percent decline in sales compared to February\u2019s total.<\/p>\n<p style=\"text-align: justify;\">While the strength of the first half of the month and the relative weakness of March 2019 ultimately led to a year-over-year national sales gain of 7.8 percent, the impact of the COVID-19 pandemic on Canada\u2019s housing market is clear in the data published today by the Canadian Real Estate Association (CREA).<\/p>\n<p style=\"text-align: justify;\">\u201cMarch 2020 will be remembered around the planet for a long time. Canadian home sales and listings were increasing heading into what was expected to be a busy spring for Canadian REALTORS\u00ae. After Friday the 13th, everything went sideways,\u201d said CREA President Jason Stephen in a media release accompanying the data.<\/p>\n<p style=\"text-align: justify;\">The pandemic\u2019s impact on housing activity is especially evident when comparing the relatively modest year-over-year sales gain seen in March to the near 30 percent increase recorded in February.<\/p>\n<p style=\"text-align: justify;\">Although CREA published Canadian home sales data for the full month as is standard practice, the association\u2019s Senior Economist Shaun Cathcart said the early March numbers reflect a \u201cpre-COVID-19 reality which we are no longer in.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cThe numbers that matter most for understanding what follows are those from mid-March on, and things didn\u2019t really start to ratchet down until week four,\u201d Cathcart said. \u201cPreliminary data from the first week of April suggest both sales and new listings were only about half of what would be normal for that time of year.\u201d<\/p>\n<p style=\"text-align: justify;\">As sales fell in March, CREA observed new listings declining by \u201csimilar magnitudes.\u201d New listings dropped by 12.5 percent last month when compared to February data.<\/p>\n<p style=\"text-align: justify;\">The CREA team believes that the full impact of the COVID-19 crisis on the Canadian housing market will become apparent in the months to come. While there is scant data to draw from on just how deeply affected Canadian housing will be, many industry leaders have come forward to voice confidence in the market\u2019s ability to remain relatively stable through this challenging period.<\/p>\n<p style=\"text-align: justify;\">\u201cThe impact of COVID-19 on the Canadian economy has been swift and violent, with layoffs driving high levels of unemployment across the country,\u201d said Royal LePage CEO Phil Soper.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile it is sad that these people skewed strongly to young and to part-time workers, for the housing industry, the impact of these presumably temporary job losses will be limited as these groups are much less likely to buy and sell real estate,\u201d he continued.<\/p>\n<p style=\"text-align: justify;\">Soper noted that evidence from past housing downturns leads him to believe that Canadian home prices will not be significantly impacted in 2020.<\/p>\n<p style=\"text-align: justify;\">\u201cHome price declines occur when the market experiences sustained low sales volume while inventory builds. Currently, the inventory of homes for sale in this country is very low, matching low sales volumes as people respect government mandates to stay at home,\u201d he said.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2020\/04\/canadian-home-sales-drop-march.html\" target=\"_blank\" rel=\"noopener noreferrer\">Canadian Home Sales Saw 14% Drop in March<\/a> by Sean MacKay | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Home buying activity in major markets across Canada dropped steeply in the second half of March, leading to what amounted to a 14 percent decline in sales compared to February\u2019s &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/04\/canadian-saw-14-decline-in-home-sales\/\">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-15469","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 Saw 14% Decline in Home Sales &#8226; 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