{"id":2001,"date":"2016-05-17T15:15:28","date_gmt":"2016-05-17T22:15:28","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2001"},"modified":"2016-05-17T09:37:47","modified_gmt":"2016-05-17T16:37:47","slug":"canadian-home-sales-break-april-record-but-one-challenge-stops-some-owners-from-selling","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/05\/canadian-home-sales-break-april-record-but-one-challenge-stops-some-owners-from-selling\/","title":{"rendered":"Canadian Home Sales Break April Record, but One Challenge Stops Some Owners From Selling"},"content":{"rendered":"<p style=\"text-align: justify;\">Another month, another Canadian home sales record broken as transactions in April hit their highest level ever for the month.<\/p>\n<p style=\"text-align: justify;\">Home sales recorded through multiple listing service (MLS) systems from coast to coast surged 10.3% compared to April 2015, according to monthly numbers released today by the Canadian Real Estate Association (CREA).<\/p>\n<p style=\"text-align: justify;\">\u201cNational home sales set new monthly records over the past two months, even as activity in Greater Vancouver and the GTA appears to have topped out,\u201d says Cliff Iverson, the association\u2019s president.<\/p>\n<p style=\"text-align: justify;\">\u201cWith almost three-quarters of all local markets posting sales gains in April, there are plenty of other places where sales are climbing as we head into the busiest time of the year for homebuyers,\u201d adds Iverson.<\/p>\n<p style=\"text-align: justify;\">As home sales remained on a tear, prices also continued their upward trajectory. The aggregate benchmark price of a Canadian home was $539,400 in April, having surged 10.3% in the past 12 months.<\/p>\n<p style=\"text-align: justify;\">\u201cA \u2018Benchmark home\u2019 is one whose attributes are typical of homes traded in the area where it is located,\u201d explains CREA\u2019s website.<\/p>\n<p style=\"text-align: justify;\">Of the 11 markets the realtor association releases benchmark pricing for, only Calgary and Saskatoon posted year-over-year declines last month.<\/p>\n<p style=\"text-align: justify;\">Calgary\u2019s price slumped 3.5% to $437,600, while Saskatoon\u2019s took a 2.4% hit, falling to $304,300.<\/p>\n<p style=\"text-align: justify;\">For the country-leading Fraser Valley market, the benchmark price surged 25.6% year-over-year to $560,700 in April, according to CREA.<\/p>\n<p style=\"text-align: justify;\">Greater Vancouver was close behind as prices climbed 25.3% to $844,800 over this period. Greater Toronto rounded out the top three as the benchmark reached $614,700, up 12.6% from a year ago.<\/p>\n<p style=\"text-align: justify;\">But for some homeowners, it\u2019s not as simple as buy low, sell high.<\/p>\n<p style=\"text-align: justify;\">While rapid price appreciation might encourage some to put their homes on the market in Toronto and Vancouver for a hefty profit, Gregory Klump, CREA\u2019s chief economist, highlights a factor discouraging would-be sellers.<\/p>\n<p style=\"text-align: justify;\">\u201cThe issue for many is that the decision to move means they would be looking to buy while competition for scarce listings is fierce,\u201d he says in a statement.<\/p>\n<p style=\"text-align: justify;\">\u201cAs a result, many homeowners are deciding to stay put and continue accumulating capital gains. That\u2019s keeping listings off the markets at a time when they are already in short supply,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">The number of homes listed in April dropped 0.2% from the month before.<\/p>\n<p style=\"text-align: justify;\">Last month, the sales-to-new-listings ratio, which is sales divided by new listings, hit 64.5%. The ratio hasn\u2019t been this high since October 2009, says CREA.<\/p>\n<p style=\"text-align: justify;\">If the ratio is between 40 and 60 per cent, CREA considers it a sign of a balanced housing market.<\/p>\n<p style=\"text-align: justify;\">\u201cSupply shortages and tight housing market conditions have become self-reinforcing in the GTA,\u201d says Klump. \u201cThe Greater Vancouver Area appears to be heading in that direction, too.<\/p>\n<p style=\"text-align: justify;\">In a response to CREA figures, Robert Kavcic, BMO\u2019s senior economist, forecast what this means for the Canadian housing market moving forward.<\/p>\n<p style=\"text-align: justify;\">\u201cWith supply in the two hot markets extremely tight, and policymakers barely testing the water, prices are likely to push even higher through the rest of this year,\u201d he writes.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2016\/05\/canadian-home-sales-april-record.html\" target=\"_blank\">Canadian Home Sales Break April Record, but One Challenge Stops Some Owners From Selling<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Another month, another Canadian home sales record broken as transactions in April hit their highest level ever for the month. Home sales recorded through multiple listing service (MLS) systems from &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/05\/canadian-home-sales-break-april-record-but-one-challenge-stops-some-owners-from-selling\/\">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-2001","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 Break April Record, but One Challenge Stops Some Owners From Selling &#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\/2016\/05\/canadian-home-sales-break-april-record-but-one-challenge-stops-some-owners-from-selling\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadian Home Sales Break April Record, but One Challenge Stops Some Owners From Selling &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Another month, another Canadian home sales record broken as transactions in April hit their highest level ever for the month. 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