Langstaff Gateway Condos by Kylemore。House prices in Vancouver continue to decline. Canadian real estate market data. The results showed that real estate sales across Canada fell again month-on-month. The overall real estate sales activity continues to show signs of decline.Please Visit: Langstaff Gateway Condos by Kylemore to Get Your VVIP Registration Today!
Total property sales across Canada fell 5.3 per cent month-on-month in November, according to a CREA report. However, actual trading activity is still 1.6% higher than the same period last year. The number of new homes listed in Canada fell 0.4% in November compared with October. The MLS home price index rose 14.4% compared with the same period last year. On the other hand, the average price of national sales rose 7.3% compared with the same period last year.
Home sales recorded their biggest monthly decline in more than four years in November 2016. About 2/3 of the Canadian real estate market saw a significant decline in sales activity last month. “November is the first month of new rules for federal loan stress tests,” said Cliff Iverson, president of CREA. The government’s move to tighten lending standards has further accelerated the decline in home sales. The impact of loan policy is so wide that many areas are affected, even outside the target hot markets where the government is in urgent need of control. ”
“the decline in Canadian real estate in November shows that real estate is not a strong and sustainable pillar of the economy,” said Gregory Klump, chief economist at CREA. This sign is particularly evident, especially after the change in lending policy. Home sales activities have generated a lot of income, but expectations of job creation and economic growth in this area have been further lowered in the future. ”
Canada’s ratio of national sales to newly listed homes fell back to the 40% to 60% range that marks market equilibrium for the first time in November, with a final reading of 59.8%. Sales and new listings in the greater Vancouver area fell to 53.4% in November, marking a return to equilibrium from the previous seller’s market. However, in other cities in BC province, such as Victoria, and Ontario, including the Greater Toronto area, home sales still account for more than 60% of new listings, and these areas remain within the seller’s market range.
In terms of the housing price index, the Greater Vancouver area still has the highest housing price index in Canada, with the Greater Vancouver area housing price index of C $908300. However, the Vancouver home price index is 1.21% lower than a month ago and is still 20.54% higher than the same period last year.
The Toronto home price index remained at C $689100 in November, up 0.89% from October and 20.30% from a year earlier. But if you consider a comparison with house prices five years ago, Toronto still has the highest price increase in the country, up 58.23% from five years ago.
