{"id":3069,"date":"2016-08-17T10:10:32","date_gmt":"2016-08-17T17:10:32","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=3069"},"modified":"2016-08-15T14:21:37","modified_gmt":"2016-08-15T21:21:37","slug":"canadian-home-sales-have-fallen-for-a-3rd-consecutive-month","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/08\/canadian-home-sales-have-fallen-for-a-3rd-consecutive-month\/","title":{"rendered":"Canadian Home Sales Have Fallen for a 3rd Consecutive Month"},"content":{"rendered":"<p style=\"text-align: justify;\">\u201cHome sales continued to trend lower while price gains further accelerated in the Lower Mainland of British Columbia,\u201d said Gregory Klump, CREA\u2019s Chief Economist. \u201cThis suggests that sales are being reined in by a lack of inventory and a further deterioration in affordability. The new 15% property transfer tax on Metro Vancouver home purchases by foreign buyers took effect on August 2nd, so it will take some time before the effect of the new tax on sales and prices can be observed. That said, the new tax will do little in the short term to increase the supply of homes.\u201d<\/p>\n<p style=\"text-align: justify;\">National home sales fell 1.3% month-over-month in July and 2.9% year-over-year.<\/p>\n<p style=\"text-align: justify;\">The average price jumped 14.3% year-over-year last month. Newly listed homes, meanwhile, increased 1.2% month-over-month.<\/p>\n<p style=\"text-align: justify;\">\u201cNational sales and price trends continue to be heavily influenced by a handful of places in Ontario and British Columbia and mask significant variations in local housing market trends and conditions across Canada,\u201d said CREA President Cliff Iverson.<\/p>\n<p style=\"text-align: justify;\">Many cities in those two provinces continue to be considered \u201cseller\u2019s markets.<\/p>\n<p style=\"text-align: justify;\">\u201cWith sales down and new listings up, the national sales-to-new listings ratio eased to 61.6 percent in July 2016 \u2013 its second monthly decline following its peak of 65.3 percent in May. 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,\u201d CREA said in a release. \u201cThe ratio was above 60 percent in about half of all local housing markets in July, virtually all of which continue to be located in British Columbia, in and around the Greater Toronto Area and across Southwestern Ontario.\u201d<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/crea-releases-latest-sales-figures-212126.aspx\" target=\"_blank\">CREA Releases Latest Sales Figures<\/a> by Justin da Rosa | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201cHome sales continued to trend lower while price gains further accelerated in the Lower Mainland of British Columbia,\u201d said Gregory Klump, CREA\u2019s Chief Economist. \u201cThis suggests that sales are being &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/08\/canadian-home-sales-have-fallen-for-a-3rd-consecutive-month\/\">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-3069","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>Canadian Home Sales Have Fallen for a 3rd Consecutive Month &#8226; 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