The Canadian Real Estate Association (CREA), released national sales statistics for the month of October, 2016 this week.
According to the CREA, “The number of homes trading hands via Canadian MLS® Systems rose 2.4 percent month-over-month in October 2016." “First-time home buyers looking to get into the market before having to face tougher mortgage eligibility criteria had only two weeks to do so following the Finance Minister’s announcement of tighter mortgage regulations in early October,” said Gregory Klump, CREA’s Chief Economist.
“Early evidence suggests that the influence of tighter mortgage regulations on sales activity has been mixed. The federal government will no doubt want to monitor the effect of new mortgage regulations on the many varied housing markets across Canada and on the economy, particularly given the recent rise in uncertainty about economic growth prospects following the U.S. presidential election.”
Highlights of CREA's report
- National home sales rose 2.4% from September to October.
- Actual (not seasonally adjusted) activity was up 2.0% year-over-year (y-o-y) in October 2016.
- The number of newly listed homes edged up 1.7% from September to October.
- The MLS® Home Price Index (HPI) in October was up 14.6% y-o-y.
- The national average sale price climbed 5.9% y-o-y.
Read the entire report on Canadian MLS® sales for October, 2016.
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Norm Fisher
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