According to the latest release from the Canadian Real Estate Association (CREA), home sales across Canada remained unchanged from October levels during the month of November 2014.
“The Canadian housing market remains a story about how sales and prices are still running strong in some areas while others are seeing subdued levels of activity with slower price gains or modest price declines,” said Beth Crosbie, the president of the Canadian Real Estate Association, said in a press release. “All real estate is local and your Realtor remains your best source for information about how the housing market is shaping up where you currently live or might like to in the future.”
The average sale price increased by 5.7 per cent on a year-over-year basis in November 2014.
Gregory Klump, the chief economist for the Canadian Real Estate Association, said that The effect of lower oil prices on Canada’s housing markets is something of a wildcard at the moment. It’s not clear how far oil prices may drop or for how long they’ll stay down. How that plays out may affect the outlook for interest rates, job growth, consumer confidence, and sentiment about making major purchases.”