{"id":9132,"date":"2018-05-21T11:11:25","date_gmt":"2018-05-21T18:11:25","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9132"},"modified":"2018-05-15T09:57:42","modified_gmt":"2018-05-15T16:57:42","slug":"crea-home-resales-fall-to-the-lowest-level-in-over-5-years","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/05\/crea-home-resales-fall-to-the-lowest-level-in-over-5-years\/","title":{"rendered":"CREA Home Resales Fall to the Lowest Level in Over 5 Years"},"content":{"rendered":"<p style=\"text-align: justify;\">Resales of Canadian homes fell 2.9 percent in April from March to the lowest level in more than five years, the Canadian Real Estate Association said on Tuesday.<\/p>\n<p style=\"text-align: justify;\">The industry group said actual sales, not seasonally adjusted, fell 13.9 percent, while the group\u2019s Home Price Index was up 1.5 percent from April 2017.<\/p>\n<p style=\"text-align: justify;\">Canada\u2019s once-hot housing market has cooled in recent months in response to rising interest rates and tighter mortgage rules &#8211; dubbed a stress-test &#8211; since January.<\/p>\n<p style=\"text-align: justify;\">While most economists expect a soft landing, some say there is a risk of a U.S.-style crash. \u201cThe stress-test that came into effect this year for homebuyers with more than a 20 percent downpayment continued to cast its shadow over sales activity in April,\u201d CREA President Barb Sukkau said in the report.<\/p>\n<p style=\"text-align: justify;\">About 60 percent of local markets reported fewer sales, led by the Fraser Valley area of British Columbia, Calgary, Ottawa and Montreal.<\/p>\n<p style=\"text-align: justify;\">A year ago, housing sales and prices were at or near record levels in many parts of Canada, but a series of regulatory changes, taxes on foreign buyers, tighter mortgage rules and rising interest rates have hampered demand, particularly in Toronto and Vancouver, the two largest markets.<\/p>\n<p style=\"text-align: justify;\">The number of newly listed homes fell 4.8 percent in April to hit a nine-year low for the month, 12 percent below the 10-year monthly moving average, CREA said.<\/p>\n<p style=\"text-align: justify;\">The national sales-to-new listings ratio firmed slightly to 53.7 percent from 52.6 percent in March.<\/p>\n<p style=\"text-align: justify;\">A ratio between 40 percent and 60 percent is considered a balanced market. There were 5.6 months of inventory, the highest level since September 2015, CREA said.<\/p>\n<p style=\"text-align: justify;\">Home prices are notching year-over-year price declines in several markets for the first time since the housing boom began nearly a decade ago.<\/p>\n<p style=\"text-align: justify;\">Prices in the Greater Toronto Area were down 5.2 percent from April 2017, while a still-hot condo market helped drive Greater Vancouver prices 14.3 percent higher compared to a year earlier.<\/p>\n<p style=\"text-align: justify;\">The national average price for homes sold in April 2018 was just over C$495,000 ($383,453), down 11.3 percent from a year earlier, CREA said.<\/p>\n<p><a href=\"http:\/\/www.msn.com\/en-ca\/money\/topstories\/canada-home-resales-fall-in-april-lowest-in-over-5-years-crea\/ar-AAxjhoA?ocid=ientp\" target=\"_blank\" rel=\"noopener\">CREA : Canada Home Resales Fall in April, Lowest in Over 5 Years<\/a> by Andrea Hopkins | Reuters | MSN Real Estate<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Resales of Canadian homes fell 2.9 percent in April from March to the lowest level in more than five years, the Canadian Real Estate Association said on Tuesday. The industry &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/05\/crea-home-resales-fall-to-the-lowest-level-in-over-5-years\/\">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-9132","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 Home Resales Fall to the Lowest Level in Over 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\/05\/crea-home-resales-fall-to-the-lowest-level-in-over-5-years\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"CREA Home Resales Fall to the Lowest Level in Over 5 Years &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Resales of Canadian homes fell 2.9 percent in April from March to the lowest level in more than five years, the Canadian Real Estate Association said on Tuesday. 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