{"id":938,"date":"2016-02-16T08:54:48","date_gmt":"2016-02-16T16:54:48","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=938"},"modified":"2016-02-16T08:54:57","modified_gmt":"2016-02-16T16:54:57","slug":"home-resales-rebound-in-january-amid-strong-demand-in-toronto-vancouver","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/02\/home-resales-rebound-in-january-amid-strong-demand-in-toronto-vancouver\/","title":{"rendered":"Home Resales Rebound in January Amid Strong Demand in Toronto &#038; Vancouver"},"content":{"rendered":"<p style=\"text-align: justify;\">TORONTO \u2014 Sales of existing homes in Canada rebounded in January from December as strong demand in Toronto and Vancouver offset declines in Calgary and Edmonton, a report from the Canadian Real Estate Association showed on Tuesday.<\/p>\n<p style=\"text-align: justify;\">The industry group for Canadian real estate agents said sales activity was up 0.5% last month from December. Actual sales for January, not seasonally adjusted, rose 8 per cent from January 2015.<\/p>\n<p style=\"text-align: justify;\">Canada\u2019s two largest markets, Toronto and Vancouver, have experienced a long housing boom, leading to concerns about a bubble.<\/p>\n<p style=\"text-align: justify;\">A slump in oil prices has cooled markets in Alberta and Saskatchewan, while others have plateaued.<\/p>\n<p style=\"text-align: justify;\">\u201cJanuary 2016 picked up where 2015 left off, with single-family homes in the (Greater Toronto Area) and Greater Vancouver in short supply amid strong demand standing in contrast to sidelined home buyers and ample supply in a number of Alberta housing markets,\u201d said CREA Chief Economist Gregory Klump.<\/p>\n<p style=\"text-align: justify;\">He said a rule change that doubled the minimum down payment for insured mortgages on more expensive homes, to 10% from 5% on the portion of a property\u2019s value between $500,000 and $1 million, could cool the market in the months ahead. The change took effect on Monday.<\/p>\n<p style=\"text-align: justify;\">\u201c(The change) may shrink the pool of prospective home buyers who qualify for mortgage financing,\u201d Klump said.<\/p>\n<p style=\"text-align: justify;\">The federal government tightened the mortgage rules in an effort to cool activity in hot markets without slamming on the brakes on those that are already slowing.<\/p>\n<p style=\"text-align: justify;\">The CREA report showed the national sales-to-new-listing ratio rose to 59.2 per cent in January as the number of new listings fell 4.9%. A ratio between 40% and 60% is consistent with balanced market conditions, with readings above 60 indicating a sellers\u2019 market.<\/p>\n<p style=\"text-align: justify;\">There were 5.3 months of inventory at the end of January, down from 5.4 months in December and the lowest level of supply in nearly six years, CREA said.<\/p>\n<p style=\"text-align: justify;\">The national average price for homes sold in January was $470,297, up 17% from a year earlier.<\/p>\n<p style=\"text-align: justify;\">CREA\u2019s home price index, which helps adjust for the outsized increases in Toronto and Vancouver, rose 7.7% from January 2015.<\/p>\n<p><a href=\"http:\/\/business.financialpost.com\/news\/economy\/home-resales-rebound-in-january-amid-strong-demand-in-toronto-vancouver\" target=\"_blank\">Home Resales Rebound in January Amid Strong Demand in Toronto &amp; Vancouver<\/a> by Reuters | National Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TORONTO \u2014 Sales of existing homes in Canada rebounded in January from December as strong demand in Toronto and Vancouver offset declines in Calgary and Edmonton, a report from the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/02\/home-resales-rebound-in-january-amid-strong-demand-in-toronto-vancouver\/\">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-938","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Home Resales Rebound in January Amid Strong Demand in Toronto &amp; Vancouver &#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\/2016\/02\/home-resales-rebound-in-january-amid-strong-demand-in-toronto-vancouver\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Home Resales Rebound in January Amid Strong Demand in Toronto &amp; 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