Canadian Home Sales Increase In September

According to the Canadian Real Estate Association, home sales across Canada increased for the first time since the spring in September 2012, up from 2.5 per cent seasonally adjusted. In addition, newly listed homes increased by 6.5 per cent from August, and prices across the country rose by 1.1 per cent.

Activity also picked up in local markets including Greater Toronto and Greater Vancouver.

“New mortgage rules continue to keep a lid on sales activity,” said the president of the Canadian Real Estate Association, Wayne Moen, said in a press release. “That said, national figures mask diverging trends in different markets, with activity down in some places while sales elsewhere remain strong. As always, all real estate is local, so buyers and sellers should talk to their REALTOR® to understand how the housing market is shaping up where they live or might like to.”

According to the Canadian Real Estate Association’s chief economist, Gregory Klump, “National activity is likely to remain down from year-ago levels over the fourth quarter of 2012. In the shadow of the latest mortgage rule changes, activity has ratcheted down from higher levels seen during the fourth quarter last year. While some first time home buyers may no longer qualify for mortgage financing under the new rules, it is likely that many others are stepping back and reassessing how much house they can realistically afford, which is one of the things new mortgage rules were designed to do.”

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