{"id":6232,"date":"2017-06-16T11:11:45","date_gmt":"2017-06-16T18:11:45","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=6232"},"modified":"2017-06-16T09:53:02","modified_gmt":"2017-06-16T16:53:02","slug":"homes-sales-decline-sharply","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/06\/homes-sales-decline-sharply\/","title":{"rendered":"Homes Sales Decline &#8220;Sharply&#8221;"},"content":{"rendered":"<p style=\"text-align: justify;\">The Canadian Real Estate Board releases latest round of housing market stats.<\/p>\n<p style=\"text-align: justify;\">National home sales dropped 6.2% month-over-month from April to May, according to CREA. That represents the largest sales decline since August 2012.<\/p>\n<p style=\"text-align: justify;\">The most drastic sales decline occurred in the Greater Toronto Area, where the market experienced a 25.3% month-over-month drop.<\/p>\n<p style=\"text-align: justify;\">Activity was also down \u201csignificantly\u201d in surrounding areas, including; Oakville, Hamilton, and Barrie.<br \/>\n\u201cRecent changes to housing policy in Ontario have quickly caused sales and listings to become more balanced in the GTA,\u201d said CREA President Andrew Peck. \u201cMeanwhile, the balance between supply and demand in Vancouver is tightening up, while many places elsewhere in Canada remain amply supplied.\u201d<\/p>\n<p style=\"text-align: justify;\">CREA argues the sales declines in the Greater Golden Horseshoe Area are a sign of dwindling speculative home purchases.<\/p>\n<p style=\"text-align: justify;\">\u201cThis is the first full month of results since changes to Ontario housing policy made in late April. They provide clear evidence that the changes have resulted in more balanced housing markets throughout the Greater Golden Horseshoe region,\u201d said Gregory Klump, CREA\u2019s Chief Economist. \u201cFor housing markets in the region, May sales activity was down most in the GTA and Oakville. This suggests the changes have squelched speculative home purchases.\u201d<\/p>\n<p style=\"text-align: justify;\">The national average home price increased 4.3% year-over-year last month and newly listed homes increased 0.3% month-over-month.<\/p>\n<p style=\"text-align: justify;\">\u201cWith sales down considerably in May, the national sales-to-new listings ratio moved out of sellers\u2019 territory and back into balanced market territory for the first time since late 2015,\u201d CREA said in its release. \u201cThe ratio stood at 56.3% in May 2017, down from 60.2% in April and the high-60% range over the first three months of this year.\u201d<\/p>\n<p><a href=\"http:\/\/www.canadianrealestatemagazine.ca\/news\/homes-sales-decline-sharply-in-may-226898.aspx\" target=\"_blank\" rel=\"noopener\">Homes Sales Decline &#8220;Sharply&#8221; in May<\/a> by Justin da Rosa | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Canadian Real Estate Board releases latest round of housing market stats. National home sales dropped 6.2% month-over-month from April to May, according to CREA. That represents the largest sales &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/06\/homes-sales-decline-sharply\/\">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-6232","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Homes Sales Decline &quot;Sharply&quot; &#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\/2017\/06\/homes-sales-decline-sharply\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Homes Sales Decline &quot;Sharply&quot; &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The Canadian Real Estate Board releases latest round of housing market stats. 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