{"id":3065,"date":"2016-08-16T10:10:46","date_gmt":"2016-08-16T17:10:46","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=3065"},"modified":"2016-08-15T14:20:02","modified_gmt":"2016-08-15T21:20:02","slug":"crea-says-home-sales-volume-down-1-3-in-july-with-vancouver-responsible-for-the-cooling","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/08\/crea-says-home-sales-volume-down-1-3-in-july-with-vancouver-responsible-for-the-cooling\/","title":{"rendered":"CREA Says Home Sales Volume Down 1.3% in July, with Vancouver Responsible for the Cooling"},"content":{"rendered":"<p style=\"text-align: justify;\">OTTAWA \u2014 The Canadian Real Estate Association says July marked the third consecutive month of fewer home sales, as the Vancouver market slowed.<\/p>\n<p style=\"text-align: justify;\">The association said Monday the number of transactions fell 1.3% nationally between June and July, as more than half of all markets tracked showed declines in July \u2014 including Greater Vancouver and the nearby Fraser Valley, which slipped 6.7% and 14.0%, respectively.<\/p>\n<p style=\"text-align: justify;\">The national sales in July were also down 2.9% compared with the same month a year ago, as Greater Vancouver fell 18.3% and the Fraser Valley lost 10.4%.<\/p>\n<p style=\"text-align: justify;\">\u201cThe real eye-catcher is the fact that mighty Vancouver has been largely responsible for the recent cooling, with seasonally-adjusted sales now falling in five straight months, albeit from gaudy record levels at the turn of the year,\u201d BMO senior economist Robert Kavcic wrote in a note to clients.<\/p>\n<p style=\"text-align: justify;\">However, despite the drop in the number of sales, the national average price for a home sold in July was $480,743, up 9.9% compared with a year ago. If Vancouver and Toronto are excluded from calculations, the average price was $365,033, up 7% compared with the same month last year.<\/p>\n<p style=\"text-align: justify;\">\u201cWhere these two cities will go in the months ahead is where the story starts to get quite interesting,\u201d Kavcic wrote.<\/p>\n<p style=\"text-align: justify;\">\u201cAs noted, Vancouver has already seen its market loosen up quite a bit recently, and the new tax could pile on to take some momentum out of price growth.\u201d<\/p>\n<p style=\"text-align: justify;\">A new 15% property transfer tax on foreign buyers came into force this month in Metro Vancouver. The tax was brought in by the BC government in hopes of helping to improve home affordability in the city where prices have skyrocketed in recent months.<\/p>\n<p style=\"text-align: justify;\">TD Bank economist Diana Petramala suggested the new tax on foreign buyers in Vancouver is likely to reinforce the downturn already underway.<\/p>\n<p style=\"text-align: justify;\">\u201cTD Economics\u2019 forecast assumes residential sales fall an additional 14% to 20% due to the tax, not only as foreign buyers leave the market, but as domestic players get spooked and move to the sidelines,\u201d Petramala said.<\/p>\n<p style=\"text-align: justify;\">\u201cOverall, home prices are expected to fall by almost 10% between now and the end of next year.\u201d<\/p>\n<p style=\"text-align: justify;\">Overall, the number of newly listed homes in Canada rose by 1.2% in July compared to June, while the national sales-to-new listings ratio eased to 61.6% in July. It was the second monthly decline.<\/p>\n<p style=\"text-align: justify;\">CREA says a sales-to-new listings ratio between 40 and 60 percent is generally consistent with balanced housing market conditions, with readings below and above this range indicating buyers\u2019 and sellers\u2019 markets, respectively.<\/p>\n<p><a href=\"http:\/\/business.financialpost.com\/personal-finance\/mortgages-real-estate\/canadian-real-estate-association-says-home-sales-volume-down-1-3-in-july\" target=\"_blank\">CREA Says Home Sales Volume Down 1.3% in July, with Vancouver Responsible for the Cooling<\/a> by Craig Wong | The Canadian Press | National Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>OTTAWA \u2014 The Canadian Real Estate Association says July marked the third consecutive month of fewer home sales, as the Vancouver market slowed. The association said Monday the number of &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/08\/crea-says-home-sales-volume-down-1-3-in-july-with-vancouver-responsible-for-the-cooling\/\">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-3065","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CREA Says Home Sales Volume Down 1.3% in July, with Vancouver Responsible for the Cooling &#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\/08\/crea-says-home-sales-volume-down-1-3-in-july-with-vancouver-responsible-for-the-cooling\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"CREA Says Home Sales Volume Down 1.3% in July, with Vancouver Responsible for the Cooling &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"OTTAWA \u2014 The Canadian Real Estate Association says July marked the third consecutive month of fewer home sales, as the Vancouver market slowed. The association said Monday the number of &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/08\\\/crea-says-home-sales-volume-down-1-3-in-july-with-vancouver-responsible-for-the-cooling\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/08\\\/crea-says-home-sales-volume-down-1-3-in-july-with-vancouver-responsible-for-the-cooling\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"CREA Says Home Sales Volume Down 1.3% in July, with Vancouver Responsible for the Cooling\",\"datePublished\":\"2016-08-16T17:10:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/08\\\/crea-says-home-sales-volume-down-1-3-in-july-with-vancouver-responsible-for-the-cooling\\\/\"},\"wordCount\":444,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/08\\\/crea-says-home-sales-volume-down-1-3-in-july-with-vancouver-responsible-for-the-cooling\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/08\\\/crea-says-home-sales-volume-down-1-3-in-july-with-vancouver-responsible-for-the-cooling\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/08\\\/crea-says-home-sales-volume-down-1-3-in-july-with-vancouver-responsible-for-the-cooling\\\/\",\"name\":\"CREA Says Home Sales Volume Down 1.3% in July, with Vancouver Responsible for the Cooling &#8226; 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