{"id":19969,"date":"2022-06-01T11:11:00","date_gmt":"2022-06-01T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19969"},"modified":"2022-05-16T16:20:50","modified_gmt":"2022-05-16T23:20:50","slug":"national-housing-markets-in-between-sellers-balanced-territory","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/06\/national-housing-markets-in-between-sellers-balanced-territory\/","title":{"rendered":"National Housing Markets in Between Seller&#8217;s &#038; Balanced Territory"},"content":{"rendered":"<p style=\"text-align: justify;\">After two years of red-hot market activity, higher borrowing costs are causing a cool down in Canada\u2019s feverish real estate markets during the traditionally busy spring months.<\/p>\n<p style=\"text-align: justify;\">In its latest national market report, the Canadian Real Estate Association (CREA) stated that property sales fell over 12% between March and April. While the number of new homes being added to the market decreased on a monthly basis, the average cost of a property rose over seven per cent year-over-year last month.<\/p>\n<p style=\"text-align: justify;\">\u201cFollowing a record-breaking couple of years, housing markets in many parts of Canada have cooled off pretty sharply over the last two months, in line with a jump in interest rates and buyer fatigue,\u201d said Jill Oudil, chair of CREA, in April\u2019s market report. \u201cFor buyers, this slowdown could mean more time to consider options in the market. For sellers, it could necessitate a return to more traditional marketing strategies.\u201d<\/p>\n<p style=\"text-align: justify;\">Here\u2019s what we know about the housing market based on the latest information from CREA.<\/p>\n<p style=\"text-align: justify;\"><strong>April sees double-digit drop in sales<\/strong><\/p>\n<p style=\"text-align: justify;\">Month-to-month, the number of homes bought and sold in Canada over the country\u2019s MLS systems declined 12.6% in April, marking the lowest level of monthly activity since summer 2020.<\/p>\n<p style=\"text-align: justify;\">This national trend was largely influenced by the Greater Toronto Area thanks to the region\u2019s size. However, sales were down in 80 per cent of local markets last month, CREA stated. Most other large markets reported double-digit monthly declines in April, with the exception of Victoria, Montreal and Halifax-Dartmouth.<\/p>\n<p style=\"text-align: justify;\">The number of sales recorded in April was 25.7% below the monthly record established in the previous year, but still accounts for the third-highest April sales figure ever behind 2021 and 2016.<\/p>\n<p style=\"text-align: justify;\">Shaun Cathcart, CREA\u2019s senior economist, explained in the report that the steep pace of tightening by the Bank of Canada has already been affecting fixed-rate mortgage holders, and will soon impact variable rate mortgages too.<\/p>\n<p style=\"text-align: justify;\">\u201cOf course, those have, for that very reason, been on the rise since the beginning of 2021, so why the big market reaction only now? It\u2019s likely because typical discounted five-year fixed rates have, in the space of a month, gone from the low 3% range to the low 4% range,\u201d explained Cathcart.<\/p>\n<p style=\"text-align: justify;\">\u201cThe stress test is the higher of 5.25% or the contract rate plus 2%. For fixed borrowers, the stress test has just moved from 5.25% to the low 6% range \u2013 close to a 1% increase in a month!\u201d he added.<\/p>\n<p style=\"text-align: justify;\"><strong>Markets teeter between seller\u2019s and balanced territory<\/strong><\/p>\n<p style=\"text-align: justify;\">Last month, the quantity of new homes hitting the market across Canada dropped 2.2% on a month-over-month basis.<\/p>\n<p style=\"text-align: justify;\">This small drop in newly-added homes was divided between markets, with some reporting a jump in homes while others noted a decline. For example, Vancouver\u2019s Lower Mainland and Calgary recorded a decrease in listing as new properties on the market grew in Victoria and Edmonton.<\/p>\n<p style=\"text-align: justify;\">As the drop in monthly sales overpowered the fall in new listings, the sales-to-new listings ratio fell back to 66.5%, the lowest level since June 2020. According to CREA, this is \u201cright on the border,\u201d of a seller\u2019s and a balanced market. In April, just over half of local markets were balanced markets.<\/p>\n<p style=\"text-align: justify;\">By the end of April, there was 2.2 months of inventory on a national basis, still historically low, but an improvement from the last eight months.<\/p>\n<p style=\"text-align: justify;\"><strong>Average Canadian home price hits $746,000 in April<\/strong><\/p>\n<p style=\"text-align: justify;\">The cost of buying a home in Canada continued to rise in April.<\/p>\n<p style=\"text-align: justify;\">The actual \u2014 not seasonally adjusted \u2014 national average home price was slightly over $746,000 in April, 7.4% increase from the same period in 2021. When omitting Greater Vancouver and the GTA from the equation, the national average price falls $138,000 to approximately $608,000.<\/p>\n<p style=\"text-align: justify;\">Last month, the Aggregate Composite MLS Home Price Index (HPI) fell 0.6% monthly, the first month-over-month decrease since April 2020. The majority of the monthly declines were reported in Ontario, although many markets within the province were also up, CREA stated in its report.<\/p>\n<p style=\"text-align: justify;\">The non-seasonally adjusted Aggregate Composite MLS HPI grew 23.8% yearly in April, marking a slowdown from the near 30% record increase that was reported two months ago.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2022\/05\/national-home-sales-april-higher-rates.html\" target=\"_blank\" rel=\"noopener\">National Home Sales Drop Over 12% in April as Higher Rates Kick In<\/a> by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After two years of red-hot market activity, higher borrowing costs are causing a cool down in Canada\u2019s feverish real estate markets during the traditionally busy spring months. In its latest &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/06\/national-housing-markets-in-between-sellers-balanced-territory\/\">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-19969","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>National Housing Markets in Between Seller&#039;s &amp; Balanced Territory &#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\/2022\/06\/national-housing-markets-in-between-sellers-balanced-territory\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"National Housing Markets in Between Seller&#039;s &amp; Balanced Territory &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"After two years of red-hot market activity, higher borrowing costs are causing a cool down in Canada\u2019s feverish real estate markets during the traditionally busy spring months. 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