{"id":8623,"date":"2018-03-31T15:15:28","date_gmt":"2018-03-31T22:15:28","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=8623"},"modified":"2018-03-27T12:19:35","modified_gmt":"2018-03-27T19:19:35","slug":"national-sales-activity-posts-lowest-levels-in-nearly-5-years","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/03\/national-sales-activity-posts-lowest-levels-in-nearly-5-years\/","title":{"rendered":"National Sales Activity Posts Lowest Levels in Nearly 5 Years"},"content":{"rendered":"<p style=\"text-align: justify;\">Canada\u2019s housing market saw another so-called payback sales drop in February, when the national average home price slumped by 5% from a year ago, after a surge in sales late last year from homebuyers looking to purchase ahead of this year\u2019s new mortgage rules.<\/p>\n<p style=\"text-align: justify;\">The latest monthly figures from the Canadian Real Estate Association showed that sales volume was down 16.9% in February compared with a year ago, and down 6.5% compared with January.<\/p>\n<p style=\"text-align: justify;\">February\u2019s home sales decline marked the second consecutive month-over-month decline and the lowest reading in nearly five years, the national association said.<\/p>\n<p style=\"text-align: justify;\">\u201cThe drop off in sales activity following the record-breaking peak late last year confirms that many homebuyers moved purchase decisions forward late last year before tighter mortgage rules took effect in January,\u201d CREA chief economist Gregory Klump stated, as quoted by The Canadian Press.<\/p>\n<p style=\"text-align: justify;\">The stricter residential mortgage lending regulations introduced by the Office of the Superintendent of Financial Institutions were aimed at reducing risk in the market amid high housing prices.<\/p>\n<p style=\"text-align: justify;\">The widespread pattern of declines was yet another indication that the regulatory changes, and not local market conditions, were behind softer sales activity, RBC economist Josh Nye said.<\/p>\n<p style=\"text-align: justify;\">\u201cThe roller coaster ride that was Canada\u2019s housing market in 2017 has continued this year with resales posting another sizeable decline in February,\u201d Nye explained in a research note.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile the give-back related to the pull-forward in activity experienced late last year, as buyers rushed to close deals prior to the updated B20 rules, appears to have been largely complete in January, the softness in sales nonetheless persisted this month,\u201d TD economists Michael Dolega and Rishi Sondhi added in their research note. \u201cWe believe that much of it has to do with lingering uncertainty, with additional regulations introduced in the BC budget adding further tensions, along with B20 impacts and rising rates.\u201d<\/p>\n<p style=\"text-align: justify;\">The national average house price for homes sold in February 2018 was just over $494,000, down 5% from a year earlier. Excluding Toronto and Vancouver, the national average price was just under $382,000, up 3.3% from $369,728 a year ago.<\/p>\n<p style=\"text-align: justify;\">The number of newly listed homes in February increased by 8.1%, following a plunge of more than 20% in the month prior. However, new listings across the country in February were still 6.4% below the 10-year monthly average and 14.6% below the peak reached in December 2017. New home listings in February were also below the levels recorded every month last year except January 2017.<\/p>\n<p style=\"text-align: justify;\">TD\u2019s Dolega and Sondhi pointed to these listings as some of the \u201cmodestly encouraging details\u201d in the latest CREA report. \u201cNew listings also perked up a little during the month, suggesting rising confidence on the part of sellers after recent B-20-related volatility.\u201d<\/p>\n<p style=\"text-align: justify;\">The duo is expecting sales activity to stabilize sometime in mid-2018.<\/p>\n<p style=\"text-align: justify;\">\u201cWe look for prices to drop, on average, this year, though balanced-market conditions across much of the country should mitigate the magnitude of the decline,\u201d they wrote. \u201cWe expect conditions to improve next year, with price growth returning to the market alongside a rise in transaction activity.\u201d<\/p>\n<p><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/national-sales-activity-posts-lowest-levels-in-nearly-5-years-239379.aspx\" target=\"_blank\" rel=\"noopener\">National Sales Activity Posts Lowest Levels in Nearly 5 Years<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canada\u2019s housing market saw another so-called payback sales drop in February, when the national average home price slumped by 5% from a year ago, after a surge in sales late &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/03\/national-sales-activity-posts-lowest-levels-in-nearly-5-years\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-8623","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>National Sales Activity Posts Lowest Levels in Nearly 5 Years &#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\/2018\/03\/national-sales-activity-posts-lowest-levels-in-nearly-5-years\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"National Sales Activity Posts Lowest Levels in Nearly 5 Years &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canada\u2019s housing market saw another so-called payback sales drop in February, when the national average home price slumped by 5% from a year ago, after a surge in sales late &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=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/03\\\/national-sales-activity-posts-lowest-levels-in-nearly-5-years\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/03\\\/national-sales-activity-posts-lowest-levels-in-nearly-5-years\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"National Sales Activity Posts Lowest Levels in Nearly 5 Years\",\"datePublished\":\"2018-03-31T22:15:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/03\\\/national-sales-activity-posts-lowest-levels-in-nearly-5-years\\\/\"},\"wordCount\":528,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/03\\\/national-sales-activity-posts-lowest-levels-in-nearly-5-years\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/03\\\/national-sales-activity-posts-lowest-levels-in-nearly-5-years\\\/\",\"name\":\"National Sales Activity Posts Lowest Levels in Nearly 5 Years &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2018-03-31T22:15:28+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/03\\\/national-sales-activity-posts-lowest-levels-in-nearly-5-years\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/03\\\/national-sales-activity-posts-lowest-levels-in-nearly-5-years\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2018\\\/03\\\/national-sales-activity-posts-lowest-levels-in-nearly-5-years\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"National Sales Activity Posts Lowest Levels in Nearly 5 Years\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"National Sales Activity Posts Lowest Levels in Nearly 5 Years &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2018\/03\/national-sales-activity-posts-lowest-levels-in-nearly-5-years\/","twitter_card":"summary_large_image","twitter_title":"National Sales Activity Posts Lowest Levels in Nearly 5 Years &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"Canada\u2019s housing market saw another so-called payback sales drop in February, when the national average home price slumped by 5% from a year ago, after a surge in sales late &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2018\/03\/national-sales-activity-posts-lowest-levels-in-nearly-5-years\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2018\/03\/national-sales-activity-posts-lowest-levels-in-nearly-5-years\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"National Sales Activity Posts Lowest Levels in Nearly 5 Years","datePublished":"2018-03-31T22:15:28+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2018\/03\/national-sales-activity-posts-lowest-levels-in-nearly-5-years\/"},"wordCount":528,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates"],"inLanguage":"en-CA"},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2018\/03\/national-sales-activity-posts-lowest-levels-in-nearly-5-years\/","url":"https:\/\/www.roryc.ca\/blog\/2018\/03\/national-sales-activity-posts-lowest-levels-in-nearly-5-years\/","name":"National Sales Activity Posts Lowest Levels in Nearly 5 Years &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2018-03-31T22:15:28+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2018\/03\/national-sales-activity-posts-lowest-levels-in-nearly-5-years\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2018\/03\/national-sales-activity-posts-lowest-levels-in-nearly-5-years\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2018\/03\/national-sales-activity-posts-lowest-levels-in-nearly-5-years\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"National Sales Activity Posts Lowest Levels in Nearly 5 Years"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/8623","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=8623"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/8623\/revisions"}],"predecessor-version":[{"id":8624,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/8623\/revisions\/8624"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=8623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=8623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=8623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}