According to the Canadian Real Estate Association, national resale home sales activity across Canada decreased about 1.7 per cent between October and November, while actual and not seasonally adjusted home sales activity was down by 11.9 per cent in November.
National sales activity has remained fairly steady at lower levels since mortgage rules were changed earlier this year, but that stability masks some real differences in trends among local housing markets,” said the president of the Canadian Real Estate Association, Wayne Moen. 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.”
The average selling price for homes across Canada decreased by 0.8 per cent when compared to November of last year.
The Canadian Real Estate Association’s chief economist, Gregory Klump, had this to say: “National sales activity lacks the momentum it had a year ago. Interest rates have remained low and the economic backdrop has remained supportive for housing activity, so that should leave little doubt that recent changes to mortgage regulations are responsible for having cooled activity.”