{"id":4578,"date":"2017-01-20T10:10:33","date_gmt":"2017-01-20T18:10:33","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4578"},"modified":"2017-01-20T13:23:15","modified_gmt":"2017-01-20T21:23:15","slug":"2016-was-a-record-year-for-canadian-home-sale-will-2017-be-too","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/01\/2016-was-a-record-year-for-canadian-home-sale-will-2017-be-too\/","title":{"rendered":"2016 Was A Record Year for Canadian Home Sale. Will 2017 Be, Too?"},"content":{"rendered":"<p style=\"text-align: justify;\">The Canadian Real Estate Association (CREA) announced today that 2016 was a record-breaking year for home sales in Canada.<\/p>\n<p style=\"text-align: justify;\">But 2017\u2019s performance likely won\u2019t stack up, the association, that is among Canada\u2019s largest trade groups, added.<\/p>\n<p style=\"text-align: justify;\">The total number of homes that changed hands in Canada through the resale market increased 6.3% in 2016 compared to the previous year\u2019s tally, driven by activity in the first half of 2016.<\/p>\n<p style=\"text-align: justify;\">Gregory Klump, CREA\u2019s chief economist, suggested mortgage rule changes rolled out in the second half of last year will dampen home sales throughout 2017.<\/p>\n<p style=\"text-align: justify;\">\u201cHome sales are unlikely to benefit the Canadian economy as much in 2017 as they did in 2016,\u201d says Klump in a statement.<\/p>\n<p style=\"text-align: justify;\">The rule changes include tougher mortgage stress testing, so those applying for insured mortgages will have to qualify against higher interest rates.<\/p>\n<p style=\"text-align: justify;\">\u201cNew regulations mean that in order to qualify for a mortgage, home buyers will either have to save longer for a bigger downpayment or purchase a lower priced home,\u201d he explained.<\/p>\n<p style=\"text-align: justify;\">\u201cIn urban centres where the latter are in short supply, that\u2019s likely to translate to fewer sales,\u201d said Klump.<\/p>\n<p style=\"text-align: justify;\">This view is in line with those from one of the country\u2019s biggest real estate franchisors.<\/p>\n<p style=\"text-align: justify;\">Royal LePage said in its latest market survey, published last week, that this year would be a return to normal for the Canadian housing market. It forecasted moderating price gains moving forward.<\/p>\n<p style=\"text-align: justify;\">In December, the aggregate price of a Canadian home, including both condo units and houses, was $582,000, up 14.2% from a year earlier, according to CREA\u2019s home price index.<\/p>\n<p style=\"text-align: justify;\">Despite falling prices, Greater Vancouver remained the most expensive major market to close out 2016.<\/p>\n<p style=\"text-align: justify;\">The aggregate price of a home there was $897,600 in December, an increase of 17.8% from a year ago, though down 1% compared to November.<\/p>\n<p style=\"text-align: justify;\">Neighbouring Fraser Valley posted the largest year-over-year price gain last month. Its aggregate price was a more affordable $628,800, having increased a whopping 27% from that month last year.<\/p>\n<p style=\"text-align: justify;\">Like Vancouver, in the Fraser Valley prices fell from November to December, albeit only by 0.7%.<\/p>\n<p style=\"text-align: justify;\">The Greater Toronto Area, now widely regarded as Canada\u2019s hottest big real estate market posted the second-greatest year-over-year increase.<\/p>\n<p style=\"text-align: justify;\">GTA home prices soared 21% year-over-year to $694,900 in December, or about 0.8% over November.<\/p>\n<p style=\"text-align: justify;\">In separate commentary also published today, BMO Senior Economist Robert Kavcic noted, \u201cToronto keeps doing its thing.\u201d<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/01\/2016-record-year-canadian-home-sales.html\" target=\"_blank\">2016 Was A Record Year for Canadian Home Sale. Will 2017 Be, Too?<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Canadian Real Estate Association (CREA) announced today that 2016 was a record-breaking year for home sales in Canada. But 2017\u2019s performance likely won\u2019t stack up, the association, that is &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/01\/2016-was-a-record-year-for-canadian-home-sale-will-2017-be-too\/\">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-4578","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2016 Was A Record Year for Canadian Home Sale. 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But 2017\u2019s performance likely won\u2019t stack up, the association, that is &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\\\/2017\\\/01\\\/2016-was-a-record-year-for-canadian-home-sale-will-2017-be-too\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2017\\\/01\\\/2016-was-a-record-year-for-canadian-home-sale-will-2017-be-too\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"2016 Was A Record Year for Canadian Home Sale. 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