{"id":7759,"date":"2017-12-29T11:11:34","date_gmt":"2017-12-29T19:11:34","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=7759"},"modified":"2017-12-14T10:42:14","modified_gmt":"2017-12-14T18:42:14","slug":"crea-national-home-sales-spike-3-9","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/12\/crea-national-home-sales-spike-3-9\/","title":{"rendered":"CREA National Home Sales Spike 3.9%"},"content":{"rendered":"<p style=\"text-align: justify;\">Canadian home sales jumped in November, as buyers rushed in to avoid new mortgage rules which come into effect in the new year.<\/p>\n<p style=\"text-align: justify;\">According to the Canadian Real Estate Association (CREA), national home sales rose 3.9% in November, a spike well above October\u2019s 0.9% increase.<\/p>\n<p style=\"text-align: justify;\">\u201cSome home buyers with more than a twenty per cent down payment may be fast-tracking their purchase decision in order to beat the tougher mortgage qualifications test coming effect next year,\u201d writes CREA president Andrew Peck, in a statement.<\/p>\n<p style=\"text-align: justify;\">Announced in October, the mortgage test will come into effect on January 1, and will require all uninsured mortgage borrowers to qualify against the Bank of Canada\u2019s five-year benchmark rate, or at their contract mortgage rate plus an additional 2%.<\/p>\n<p style=\"text-align: justify;\">According to CREA chief economist Gregory Klump, it\u2019s unclear what the test will mean for sales in 2018.<\/p>\n<p style=\"text-align: justify;\">\u201cIt remains to be seen whether stronger momentum now will mean weaker activity early next year once new mortgage regulations take effect beginning on New Year\u2019s day,\u201d writes Klump, in a statement.<\/p>\n<p style=\"text-align: justify;\">CREA is forecasting a home sales decline of 5.3% in 2018, as the market adjusts to the new rules.<\/p>\n<p style=\"text-align: justify;\">Here are 9 facts to help make sense of November\u2019s sales surge :<\/p>\n<p style=\"text-align: justify;\">1. National home sales rose 3.9% in November, led by a whopping 16% jump in sales in the GTA.<\/p>\n<p style=\"text-align: justify;\">2. That puts sales activity a little over halfway between the peak reached in March, and the low recorded in July.<\/p>\n<p style=\"text-align: justify;\">3. While this spike marks the fourth month-over-month sales increase, it is also the first year-over-year increase in months. Sales were up 2.6% from November 2016, setting a new November record.<\/p>\n<p style=\"text-align: justify;\">4. National new home listings were up 3.5%, led by an increase in supply in the GTA.<\/p>\n<p style=\"text-align: justify;\">5. The national sales-to-new-listings ratio was 56.4% in November, a slight increase from October\u2019s 56.2%. A ratio of between 40 and 60% is considered consistent with a balanced housing market, with ratios above and below indicating buyers\u2019 and sellers\u2019 markets, respectively.<\/p>\n<p style=\"text-align: justify;\">6. The aggregate composite MLS housing price index rose by 9.3% year-over-year in November. It\u2019s a deceleration from record gains in March, and the smallest year-over-year increase since February 2016.<\/p>\n<p style=\"text-align: justify;\">7. Apartment units had the largest price increase, at 19.4% year-over-year, while single-family home prices increased just 6%.<\/p>\n<p style=\"text-align: justify;\">8. The actual national average price for homes in November was $504,000 up 2.9% year-over-year. The average was boosted by Vancouver and the GTA \u2014 without them, it would fall to just $381,000.<\/p>\n<p style=\"text-align: justify;\">9. The average Canadian home price is forecast to drop by 1.4% in 2018, to $503,100, largely due to a cooler GTA market.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2017\/12\/stats-show-canadas-november-sales-spike.html\" target=\"_blank\" rel=\"noopener\">9 Stats That Show Canada&#8217;s November Sales Spike<\/a> by Sarah Niedoba | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian home sales jumped in November, as buyers rushed in to avoid new mortgage rules which come into effect in the new year. According to the Canadian Real Estate Association &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/12\/crea-national-home-sales-spike-3-9\/\">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-7759","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>CREA National Home Sales Spike 3.9% &#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\/12\/crea-national-home-sales-spike-3-9\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"CREA National Home Sales Spike 3.9% &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canadian home sales jumped in November, as buyers rushed in to avoid new mortgage rules which come into effect in the new year. 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