Canadian home sales down in January Ottawa, ON, February 14, 2020 – Statistics released today by the Canadian Real Estate Association (CREA) show national home sales declined between December 2019 and January 2020. Highlights: National home sales fell by 2.9% on a month-over-month (m-o-m) basis in January. Actual (not seasonally adjusted) activity was up 11.5% year-over-year (y-o-y). The number of newly listed properties was little changed (+0.2%) m-o-m. The MLS® Home Price Index (HPI) advanced by 0.8% m-o-m and 4.7% y-o-y. The actual (not seasonally adjusted) national average sale price climbed 11.2% y-o-y. Home sales recorded over Canadian MLS® Systems declined by 2.9% in January 2020, although they remain among the stronger monthly readings of the last few years. Access the January 2020 stats PDF. For more information, please contact: Pierre Leduc Media Relations email@example.com The Canadian Real Estate Association 200 Catherine Street, 6th Floor Ottawa, ON K2P 2K9 [...]
Earlier today, Minister of Finance Bill Morneau announced changes to the mortgage stress test. The new benchmark rate used to determine the minimum qualifying rate for insured mortgages, coming into effect on April 6, 2020, will be the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications, plus 2 per cent. Recently, the gap between the Bank of Canada’s five-year benchmark rate and borrowers’ actual contract rates has been widening, suggesting the benchmark rate has become less responsive to changes in the market. In October 2016, Finance Canada introduced a stress test for insured mortgages. In 2017, the Office of the Superintendent of Financial Institutions (OSFI) issued an update to Guideline B-20, requiring uninsured mortgages to be stress-tested as of January 2018. CREA data indicates that per capita sales activity for residential units in 2018 reached its lowest point since 2001, with 2019’s final sales total tied for [...]
Saskatoon The Saskatoon market started the year off on a positive note. Sales in the city were up 9% to 219 from 201 in 2019, and up 6.2% in the region with 290 sales over last year’s 273. This is well above the 5-year average of 265 and 10-year average of 278. Sales dollar volume is also up - 18% in the city to $71.5M and 7.9% in the region to $90.2M. At the same time, listings increased only slightly over last year with 811 new January listings in the region up 3% from 787 in 2019, bringing the total number of active listings to 2520. 571 listings in the city are up 2.7% from 556 for a total of 1372 active listings. The ratio of sales to new listings for the month was 36% in the region and 38% in Saskatoon, suggesting a slight lean towards a buyer’s market. [...]
Statistics released today by the Canadian Real Estate Association (CREA) show national home sales eased between November and December 2019. Home sales recorded over Canadian MLS® Systems edged down 0.9% in December 2019, ending a streak of monthly gains that began last March. Activity is currently about 18% above the six-year low reached in February 2019 but ends the year about 7% below the heights recorded in 2016 and 2017. There was an almost even split between the number of local markets where activity rose and those where it declined, with higher sales in the Lower Mainland of British Columbia, Calgary and Montreal offsetting declines in the Greater Toronto Area (GTA) and Ottawa. Actual (not seasonally adjusted) activity was up 22.7% compared to a quiet month of December in 2018. Transactions surpassed year-ago levels across most of Canada, including all of the largest urban markets. “Home price growth is picking [...]
Saskatoon, December 17, 2019: On December 4, in a live broadcast streaming from both Saskatoon and Regina, the Saskatchewan REALTORS® Association (SRA) announced the results of its first Board of Directors' election. On January 1, 2020, the Association of Saskatchewan REALTORS® (ASR), Saskatoon Region Association of REALTORS® (SRAR) and Association of Regina REALTORS® (ARR) will amalgamate to form the SRA – a single provincial REALTORS® Association. The Board of Directors of this new association will be comprised of 12 association members – four from each of the designated regions of Saskatoon, Regina and Saskatchewan – those members whose brokerages reside outside of Saskatoon and Regina. Five members of the initial board were appointed for one year terms by the SRA Transition Committee, a group established at the launch of amalgamation discussions in 2018 who have led the process from research to member vote and in the past nine months, the [...]
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