{"id":2035,"date":"2016-05-20T10:10:42","date_gmt":"2016-05-20T17:10:42","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2035"},"modified":"2016-05-18T14:13:19","modified_gmt":"2016-05-18T21:13:19","slug":"canadian-home-sales-to-fall-next-year-after-potentially-record-setting-2016","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/05\/canadian-home-sales-to-fall-next-year-after-potentially-record-setting-2016\/","title":{"rendered":"Canadian Home Sales to Fall Next Year After Potentially Record-Setting 2016"},"content":{"rendered":"<p style=\"text-align: justify;\">To a backdrop of increasing interest rates and more expensive listings in some hot markets, Canadian home sales will drop in 2017 after a possible record-setting performance this year, forecasts Canada\u2019s national housing agency.<\/p>\n<p style=\"text-align: justify;\">In Canada Mortgage and Housing Corporation (CMHC)\u2019s latest Housing Market Outlook, the Crown agency predicts the number of homes changing hands through multiple listing service (MLS) systems across Canada in 2016 will fall somewhere in the range of 501,700 and 525,400 units.<\/p>\n<p style=\"text-align: justify;\">The current record for home resales in a single year is 521,804 units, a total reached in 2007, meaning the high-end of CMHC\u2019s predicted range would top that number. However, by the end of 2017, CMHC predicts annual sales between 485,500 and 508,400 units.<\/p>\n<p style=\"text-align: justify;\">\u201cAlthough MLS sales started 2016 strongly and are expected to increase in 2016 (relative to levels observed in 2015), they are expected to decline in 2017 on an annual basis,\u201d says CMHC.<\/p>\n<p style=\"text-align: justify;\">\u201cThe increase in the first quarter of 2016 was almost entirely driven by sales in British Columbia, but those sales are expected to slow, mainly because of a lack of listings,\u201d it continues in the report, which highlights several trends that have an impact on the housing market.<\/p>\n<p style=\"text-align: justify;\">Two factors CMHC says influence housing market performances \u2014 Canada\u2019s real GDP and employment \u2014 are expected to ramp up through 2017. However, eroding affordability may take a toll on sales activity.<\/p>\n<p style=\"text-align: justify;\">\u201cDespite the improving picture for employment and earnings outlined above, historically strong price growth in some major CMAs could curtail demand growth,\u201d notes CMHC.<\/p>\n<p style=\"text-align: justify;\">The national housing agency projects the average price range of homes sold via MLS systems across the country to continue increasing from between $474,200 and $495,800 this year to within the range of $479,300 and $501,100 in 2017.<\/p>\n<p style=\"text-align: justify;\">\u201cAverage MLS home prices in British Columbia and Ontario are expected to continue to outpace the national average throughout the projection horizon, while average prices in Alberta are expected to fall below the national average,\u201d says CMHC.<\/p>\n<p style=\"text-align: justify;\">\u201cBy 2017, demand for existing units is expected to moderate relative to 2015 and 2016, as the ratio of resales to the number of households is historically high,\u201d it notes.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, the Crown corporation predicts mortgage rates will creep up putting further downward pressure on resale activity. This is generally in line with at least one major bank\u2019s forecast.<\/p>\n<p style=\"text-align: justify;\">Outlining its \u201cbase case scenario,\u201d CMHC says five-year mortgage rates will be in the range of 4.4 and 5 per cent this year, before increasing to a higher range of 4.7 to 5.3 per cent in 2017.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2016\/05\/canadian-home-sales-fall-next-year.html\" target=\"_blank\">Canadian Home Sales to Fall Next Year After Potentially Record-Setting 2016<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>To a backdrop of increasing interest rates and more expensive listings in some hot markets, Canadian home sales will drop in 2017 after a possible record-setting performance this year, forecasts &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/05\/canadian-home-sales-to-fall-next-year-after-potentially-record-setting-2016\/\">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-2035","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 to Fall Next Year After Potentially Record-Setting 2016 &#8226; 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