Canadian home sales rise from November to December, says CREA

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According to statistics released today by The Canadian Real Estate Association (CREA), national home sales were up on a month-over-month basis in December 2016.

Highlights ;

-National home sales rose 2.2% from November to December.
-Actual (not seasonally adjusted) activity in December was down 5.0% from a year earlier.
-The number of newly listed homes dropped 3.0% from November to December.
-The MLS® Home Price Index (HPI) in December was up 14.2% year-over-year (y-o-y).
-The national average sale price climbed 3.5% y-o-y in December.

“Sales set a new annual record last year,” said CREA President Cliff Iverson. “However, tightened mortgage regulations are expected to contribute to lower sales activity this year, though the extent to which they will weigh on housing markets across Canada will vary. All real estate is local, and REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.”

“Home sales are unlikely to benefit the Canadian economy as much in 2017 as they did in 2016,” said Gregory Klump, CREA’s Chief Economist. “New regulations mean that in order to qualify for a mortgage, home buyers will either have to save longer for a bigger down payment or purchase a lower priced home. In urban centres where the latter are in short supply, that’s likely to translate into fewer sales.”

Source: CREA

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