National home sales decline in Canada : CREA
According to statistics released on August,15 by The Canadian Real Estate Association (CREA), national home sales declined for a third consecutive month in July 2016.
-National home sales fell 1.3% from June to July.
-Actual (not seasonally adjusted) activity came in 2.9% below July 2015.
-The number of newly listed homes rose 1.2% from June to July.
-The MLS® Home Price Index (HPI) rose 14.3% year-over-year in July.
-The national average sale price climbed 9.9% in July from one year ago; net of the Greater Toronto Area (GTA) and Greater Vancouver, it advanced 7% year-over-year.
“National sales and price trends continue to be heavily influenced by a handful of places in Ontario and British Columbia and mask significant variations in local housing market trends and conditions across Canada,” said CREA President Cliff Iverson. “All real estate is local, and REALTORS® remain your best source for information about sales, listing and price trends where you live or might like to in the future.”
“Home sales continued to trend lower while price gains further accelerated in the Lower Mainland of British Columbia,” said Gregory Klump, CREA’s Chief Economist. “This suggests that sales are being reined in by a lack of inventory and a further deterioration in affordability. The new 15 per cent property transfer tax on Metro Vancouver home purchases by foreign buyers took effect on August 2nd, so it will take some time before the effect of the new tax on sales and prices can be observed. That said, the new tax will do little in the short term to increase the supply of homes.”