{"id":947,"date":"2016-02-17T10:10:34","date_gmt":"2016-02-17T18:10:34","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=947"},"modified":"2016-02-17T08:39:02","modified_gmt":"2016-02-17T16:39:02","slug":"crea-canadian-resale-market-is-already-heating-up-in-the-new-year","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/02\/crea-canadian-resale-market-is-already-heating-up-in-the-new-year\/","title":{"rendered":"CREA : Canadian Resale Market is Already Heating Up in the New Year"},"content":{"rendered":"<p style=\"text-align: justify;\">Although a new home may have been high on many Canadians\u2019 wish lists, residential real estate activity cooled this past holiday season. But the latest figures from the Canadian Real Estate Association indicate the country\u2019s resale market is already heating up in the New Year.<\/p>\n<p style=\"text-align: justify;\">In the first month of 2016, home sales across Canada increased 0.5% over December on a seasonally adjusted basis, with the Greater Toronto Area (GTA) and British Columbia\u2019s Lower Mainland \u2014 two of the country\u2019s hottest markets \u2014 propping up national figures.<\/p>\n<p style=\"text-align: justify;\">\u201cSingle family home buyers in the GTA and Lower Mainland of British Columbia had been expected to bring forward their purchase decisions before tightened mortgage regulations take effect in February 2016,\u201d said Pauline Aunger, the association\u2019s president, in a statement.<\/p>\n<p style=\"text-align: justify;\">\u201cIf listings in these and nearby markets were not in such short supply, January sales activity would likely have reached even greater heights,\u201d Aunger continued.<\/p>\n<p style=\"text-align: justify;\">On Monday, new lending rules first announced in December took effect, increasing the minimum down payment for some homebuyers taking on government-backed mortgages.<\/p>\n<p style=\"text-align: justify;\">\u201cTighter mortgage regulations\u2026 may shrink the pool of prospective home buyers who qualify for mortgage financing and cause national sales activity to ease in the months ahead,\u201d explained Gregory Klump, CREA\u2019s Chief Economist, in the same statement.<\/p>\n<p style=\"text-align: justify;\">However, in the months leading up to this, the looming rule change may have boosted sales activity, wrote BMO economist Robert Kavcic in commentary published this morning.<\/p>\n<p style=\"text-align: justify;\">\u201cEven if the impact is ultimately going to be quite small, the expectation of higher down payment requirements\u2026 might have pulled some activity forward,\u201d said Kavcic.<\/p>\n<p style=\"text-align: justify;\">Kavcic added the unseasonably warm January weather in many Canadian markets \u201ccertainly didn\u2019t hurt.\u201d<\/p>\n<p style=\"text-align: justify;\">In January, rising home sales in the GTA and BC\u2019s Lower Mainland countered slumping performances in Calgary and Edmonton \u2014 urban centres in the oil-producing province of Alberta where the low price of crude is taking its toll \u2014 and the tourism-driven Okanagan Region in BC.<\/p>\n<p style=\"text-align: justify;\">The two simmering markets also had the effect of skewing the level of national housing inventory, dragging it down to 5.3 months in January from 5.4 months in December. This is the tightest inventory has been in close to six years, CREA said.<\/p>\n<p style=\"text-align: justify;\">The months of inventory represents how long the current unsold supply of houses in the country would sell out if a given month\u2019s activity persisted indefinitely.<\/p>\n<p style=\"text-align: justify;\">The MLS aggregate composite index price for all housing types (one and two-storey single family homes, townhouses and row units, and apartments) climbed to $512,600 last month, up 0.6% from December.<\/p>\n<p style=\"text-align: justify;\">Compared to January last year, prices climbed 7.73%, accounting for \u201cthe largest gain in more than five years,\u201d according to CREA.<\/p>\n<p style=\"text-align: justify;\">Greater Vancouver led all year-over-year price gains with a January index price of $775, 300, an increase of 20.6% over 12 months. BC\u2019s Fraser Valley followed with an index price of $505,100, 16.9% higher than it was a year ago.<\/p>\n<p style=\"text-align: justify;\">Greater Toronto rounded out the top three. There, the index price hit $578,400, the third priciest market in Canada, representing a 10.7% surge from year-ago numbers.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2016\/02\/canadian-home-sales-ramp-up-january.html\" target=\"_blank\">Canadian Home Sales Ramp Up in January After Holiday Chill<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although a new home may have been high on many Canadians\u2019 wish lists, residential real estate activity cooled this past holiday season. But the latest figures from the Canadian Real &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/02\/crea-canadian-resale-market-is-already-heating-up-in-the-new-year\/\">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-947","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>CREA : Canadian Resale Market is Already Heating Up in the New Year &#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\/crea-canadian-resale-market-is-already-heating-up-in-the-new-year\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"CREA : Canadian Resale Market is Already Heating Up in the New Year &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Although a new home may have been high on many Canadians\u2019 wish lists, residential real estate activity cooled this past holiday season. But the latest figures from the Canadian Real &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\\\/2016\\\/02\\\/crea-canadian-resale-market-is-already-heating-up-in-the-new-year\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/02\\\/crea-canadian-resale-market-is-already-heating-up-in-the-new-year\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"CREA : Canadian Resale Market is Already Heating Up in the New Year\",\"datePublished\":\"2016-02-17T18:10:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/02\\\/crea-canadian-resale-market-is-already-heating-up-in-the-new-year\\\/\"},\"wordCount\":529,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/02\\\/crea-canadian-resale-market-is-already-heating-up-in-the-new-year\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/02\\\/crea-canadian-resale-market-is-already-heating-up-in-the-new-year\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/02\\\/crea-canadian-resale-market-is-already-heating-up-in-the-new-year\\\/\",\"name\":\"CREA : Canadian Resale Market is Already Heating Up in the New Year &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2016-02-17T18:10:34+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/02\\\/crea-canadian-resale-market-is-already-heating-up-in-the-new-year\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/02\\\/crea-canadian-resale-market-is-already-heating-up-in-the-new-year\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/02\\\/crea-canadian-resale-market-is-already-heating-up-in-the-new-year\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"CREA : Canadian Resale Market is Already Heating Up in the New Year\"}]},{\"@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":"CREA : Canadian Resale Market is Already Heating Up in the New Year &#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\/2016\/02\/crea-canadian-resale-market-is-already-heating-up-in-the-new-year\/","twitter_card":"summary_large_image","twitter_title":"CREA : Canadian Resale Market is Already Heating Up in the New Year &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"Although a new home may have been high on many Canadians\u2019 wish lists, residential real estate activity cooled this past holiday season. But the latest figures from the Canadian Real &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\/2016\/02\/crea-canadian-resale-market-is-already-heating-up-in-the-new-year\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2016\/02\/crea-canadian-resale-market-is-already-heating-up-in-the-new-year\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"CREA : Canadian Resale Market is Already Heating Up in the New Year","datePublished":"2016-02-17T18:10:34+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2016\/02\/crea-canadian-resale-market-is-already-heating-up-in-the-new-year\/"},"wordCount":529,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2016\/02\/crea-canadian-resale-market-is-already-heating-up-in-the-new-year\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2016\/02\/crea-canadian-resale-market-is-already-heating-up-in-the-new-year\/","url":"https:\/\/www.roryc.ca\/blog\/2016\/02\/crea-canadian-resale-market-is-already-heating-up-in-the-new-year\/","name":"CREA : Canadian Resale Market is Already Heating Up in the New Year &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2016-02-17T18:10:34+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2016\/02\/crea-canadian-resale-market-is-already-heating-up-in-the-new-year\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2016\/02\/crea-canadian-resale-market-is-already-heating-up-in-the-new-year\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2016\/02\/crea-canadian-resale-market-is-already-heating-up-in-the-new-year\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"CREA : Canadian Resale Market is Already Heating Up in the New Year"}]},{"@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\/947","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=947"}],"version-history":[{"count":2,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/947\/revisions"}],"predecessor-version":[{"id":949,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/947\/revisions\/949"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=947"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=947"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=947"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}