While the early numbers for November show an increase in home sales during the first two weeks of this month, national home sales activity fell in October.
According to the latest from the Canadian Real Estate Association, home sales across Canada dropped in October by 3.2 per cent, while new listings also decreased by 0.8 per cent.
“October’s lower activity provides early evidence confirming that sales in the later summer and early fall were boosted by homebuyers with pre-approved mortgages at lower than current interest rates jumping into the market before their pre approvals expired,” said the Chief Economist of the Canadian Real Estate Association, Gregory Klump, in a press release. “Now that interest rates appear to be going nowhere fast, sales activity in the near term may be held in check by homebuyers who are in less of a hurry to purchase. While the Finance Minister will no doubt continue to keep a close eye on Canadian housing markets for signs of overheating as interest rates remain low, October sales results may provide him with reassurance that tightened mortgage regulations and lending guidelines are working as intended.”
In October of 2013, the average sale price in Canada increased by 8.5 per cent.
“A majority of local markets across the country are still seeing a healthy balance between buyers and sellers coupled with modest price growth,” said the president of the Canadian Real Estate Association, Laura Leyser. “Even so, there are some markets in the Prairies and in parts of southwestern Ontario where competition among buyers has increased, while parts of Quebec and some areas in the Maritimes have been seeing increasing competition among sellers. Because all real estate is local, your Realtor remains your best resource for understanding how the housing market is shaping up where you live or might like to.”
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