The Canadian Real Estate Association (CREA), released national sales statistics for the month of November, 2016 today.
According to the CREA, “The number of homes trading hands via Canadian MLS® Systems declined 5.3 percent month-over-month in November 2016. This represents the largest monthly decline in activity since August 2012. As a result, the number of homes changing hands now stands at the lowest level since September 2015."
“November was the first full month in which the expanded stress-test was in effect for home buyers with less than a twenty percent down payment,” said CREA President Cliff Iverson. “The government’s newly tightened mortgage regulations have dampened a wide swath of housing markets, including places not targeted directly by the government’s latest regulatory measures. The extent to which they pushed first-time home buyers to the sidelines varies among housing markets. 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.”
Highlights of CREA's report
- Actual (not seasonally adjusted) activity remained 1.6% above levels in November 2015.
- The number of newly listed homes edged down 0.4% from October to November.
- The MLS® Home Price Index (HPI) in November was up 14.4% year-over-year (y-o-y).
- The national average sale price climbed 7.3% y-o-y in November.
Read the entire report on Canadian MLS® sales for November, 2016.
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Norm Fisher Royal