Friday, May 31, 2024
ADVT 
National

CREA Reports June Home Sales Down 10.7% From Year Ago, But Up From May

The Canadian Press, 16 Jul, 2018 12:42 PM
    TORONTO — Canadian housing activity appears to be climbing out of its slump, but is still far from a rebound.
     
     
    The Canadian Real Estate Association (CREA) said Monday sales in June were up 4.1 per cent compared with May, marking what the board described as the first "substantiative" month-over-month increase this year.
     
     
    However, the June sales were down 10.7 per cent compared with a year ago, a five-year low for the month.
     
     
    "The national increase in June home sales suggests activity may indeed be starting to turn the corner," said Gregory Klump, CREA's chief economist, in an email. "Even so, the number of homes trading hands has a long way to go before it returns to levels posted in recent years."
     
     
    More than 60 per cent of all local housing markets in the country reported increased sales activity in June compared with May, but activity was below year-ago levels in about two thirds of Canadian regions, said CREA.
     
     
    Those below year-ago levels were led by British Columbia's Lower Mainland region, where sales showed signs of tempering and new listings were in decline.
     
     
    The number of newly listed properties for sale fell by 1.8 per cent across the country to 70,187 in June. Calgary, Edmonton, Ottawa and Montreal were the most prominent markets to see listings take a hit.
     
     
    CREA president Barb Sukkau suggested the muted numbers stemmed from the stricter regulations introduced on Jan. 1 for uninsured mortgages.
     
     
    She said the regulations were "weighing on" buyers and sales, but that the extent to which it was affecting those searching for homes was varying based on market and prices.
     
     
    The national average price for a home sold in June was just under $496,000, down 1.3 per cent from a year ago.
     
     
    Excluding the Greater Vancouver and Greater Toronto markets, the average price was just over $389,000 — a 0.9 per cent year-over-year decrease.
     
     
    BMO Capital Markets senior economist Robert Kavcic said in a note to investors that Vancouver, and broadly B.C., are "the clear weak spots" because they've seen a 1.3 per cent slump in sales in the wake of the recent foreign buyers tax and speculation fees on vacant homes.
     
     
    He also categorized the Prairies as weak because Calgary, Edmonton and Regina all saw sales and prices below year-ago levels in June, but said higher oil prices could soon bring more confidence to buyers.
     
     
    He had much more optimism for Toronto, which he said is stabilizing with sales jumping nearly 17 per cent in June, the strongest seasonally-adjusted monthly increase in more than 14 years.
     
     
    "Keep in mind, however, that activity is coming off low levels not seen since the last recession," he said. "At any rate, that surge in demand has tightened up the market, even if overall conditions are still relatively soggy."
     
     
    Montreal and Ottawa, he said, remain the strongest markets in the country, bolstered by strong economies and few provincial measures aimed at cooling real estate.

    MORE National ARTICLES

    It Was My Dream To Beat Top Ranking Players: Manika Batra

    It Was My Dream To Beat Top Ranking Players: Manika Batra
    India's star tennis player, Manika Batra's life has changed forever after she defeated world number four, Feng Tianwei as well as Zhou Yihan, in the finals of the Commonwealth Games this year. 

    It Was My Dream To Beat Top Ranking Players: Manika Batra

    Transport Canada To Make Seatbelts Mandatory On New Highway Buses By 2020

    Transport Canada To Make Seatbelts Mandatory On New Highway Buses By 2020
    The federal department says they will make seatbelts mandatory on medium and large highway buses starting Sept. 1, 2020.

    Transport Canada To Make Seatbelts Mandatory On New Highway Buses By 2020

    Justin Trudeau Insists Canada Spending Enough On Defence, As Trump Declares Victory At NATO

    At a news conference wrapping up the two-day NATO summit in Brussels, Trudeau was pressed to provide more details about the U.S. president's sudden insistence that allies have agreed to spend more — and to do it more quickly.

    Justin Trudeau Insists Canada Spending Enough On Defence, As Trump Declares Victory At NATO

    Toronto Will Add 200 Officers To Night Shift To Curb Shootings

    Toronto plans to add 200 frontline officers to the night shift over the summer in an effort to reduce gun violence, the city's police chief said Thursday while the mayor promised new funds for community programs to help at-risk youth.

    Toronto Will Add 200 Officers To Night Shift To Curb Shootings

    New Allegations Surface Against Nova Scotia-Based Buddhist Leader Sakyong Mipham Rinpoche

    New Allegations Surface Against Nova Scotia-Based Buddhist Leader Sakyong Mipham Rinpoche
    HALIFAX — The spiritual leader of one of the largest Buddhist organizations in the western world is facing fresh sexual misconduct allegations as a Halifax law firm prepares to launch an independent investigation into claims against him.

    New Allegations Surface Against Nova Scotia-Based Buddhist Leader Sakyong Mipham Rinpoche

    Toronto Police Seek First-Degree Murder Suspect In Downtown Shooting Of Two Men

    Toronto police have issued a warrant for the arrest of a 22-year-old man in the fatal shooting of two men associated with the local rap scene.

    Toronto Police Seek First-Degree Murder Suspect In Downtown Shooting Of Two Men