{"id":16327,"date":"2020-08-24T10:10:00","date_gmt":"2020-08-24T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16327"},"modified":"2020-08-18T11:38:51","modified_gmt":"2020-08-18T18:38:51","slug":"canadian-home-sales-post-rebound-due-to-record-low-interest-rates-pent-up-demand","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/08\/canadian-home-sales-post-rebound-due-to-record-low-interest-rates-pent-up-demand\/","title":{"rendered":"Canadian Home Sales Post Rebound Due to Record Low Interest Rates &#038; Pent-Up Demand"},"content":{"rendered":"<p style=\"text-align: justify;\">Blowing past predictions from Canada\u2019s housing agency, July home sales in Canada hit the highest level in history with a 26% increase from a year earlier.<\/p>\n<p style=\"text-align: justify;\">For the third month in a row, transactions were up on a month-to-month basis across the country, reports the Canadian Real Estate Association (CREA), with new listings also setting an all-time high.<\/p>\n<p style=\"text-align: justify;\">Among Canada&#8217;s largest markets, sales rose by 49.5% in the Greater Toronto Area, 43.9% in Greater Vancouver, 39.1% in Montreal, 36.6% in the Fraser Valley, 28.7% in Ottawa, 15.7% in Calgary, 12.1% in Winnipeg and 9.7% in Edmonton.<\/p>\n<p style=\"text-align: justify;\">The 62,355 transactions recorded in July 2020 marked the highest monthly sales figure on record going back more than 40 years, according to CREA data.<\/p>\n<p style=\"text-align: justify;\">&#8220;With more and more of regular everyday life opening back up, Realtors and their clients across Canada are making up for lost time, and it&#8217;s been a very busy summer as a result,&#8221; said Costa Poulopoulos, chair of CREA.<\/p>\n<p style=\"text-align: justify;\">Record low mortgage rates are seen as a key driver of housing sales.<\/p>\n<p style=\"text-align: justify;\">On August 14 the Bank of Canada lowered its five-year conventional mortgage rate from 4.94% to 4.79%, the second rate cut since May.<\/p>\n<p style=\"text-align: justify;\">But actual rates are much lower.<\/p>\n<p style=\"text-align: justify;\">HSBC Canada, Canada\u2019s seventh largest bank, is offering a five-year, fixed rate mortgage of 1.89% as of August 14, available for 120 days.<\/p>\n<p style=\"text-align: justify;\">The current lowest five-year rates from Canada\u2019s big six banks, on August 14, were 2.19% at Royal Bank of Canada, Scotiabank and CIBC, according to RateSpy.<\/p>\n<p style=\"text-align: justify;\">The number of newly listed homes climbed by another 7.6% in July compared to June. New supply was up in about 60% of markets.<\/p>\n<p style=\"text-align: justify;\">The sales activity is far outpacing the recovery in new supply, as the national sales-to-new listings ratio tightened to 73.9% in July compared to 63.1% posted in June. It was one of the highest levels on record for this measure.<\/p>\n<p style=\"text-align: justify;\">According to CREA, there were just 2.8 months of inventory on a national basis at the end of July 2020 \u2013 the lowest reading on record for this measure.<\/p>\n<p style=\"text-align: justify;\">The national average price for homes sold in July 2020 hit a record high of $571,500, up 14.3% from the same month last year.<\/p>\n<p style=\"text-align: justify;\">When Greater Toronto and Metro Vancouver, the two most expensive housing markets in the country, are excluded, the average price falls to around $454,000.<\/p>\n<p style=\"text-align: justify;\">In Calgary, for example, the average home price is now $411,200 and the average price in Regina, Saskatoon and Winnipeg is less than $300,000.<\/p>\n<p style=\"text-align: justify;\">The sizzling housing market is in stark contrast to dire warnings from Canada Mortgage and Housing Corp. The federal housing agency has consistently forecast a sharp drop in housing sales and prices across Canada since the COVID-19 pandemic was declared in March.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2020\/08\/canada-sees-july-home-sales-hit-highest-level-history\" target=\"_blank\" rel=\"noopener noreferrer\">Canada Sees July Home Sales Hit Highest Level in History<\/a> by Frank O&#8217;Brien | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Blowing past predictions from Canada\u2019s housing agency, July home sales in Canada hit the highest level in history with a 26% increase from a year earlier. For the third month &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/08\/canadian-home-sales-post-rebound-due-to-record-low-interest-rates-pent-up-demand\/\">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-16327","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>Canadian Home Sales Post Rebound Due to Record Low Interest Rates &amp; Pent-Up Demand &#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\/2020\/08\/canadian-home-sales-post-rebound-due-to-record-low-interest-rates-pent-up-demand\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadian Home Sales Post Rebound Due to Record Low Interest Rates &amp; Pent-Up Demand &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Blowing past predictions from Canada\u2019s housing agency, July home sales in Canada hit the highest level in history with a 26% increase from a year earlier. 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