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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
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15 August 2019

Real estate sales kept growing in July

The recent report by the Canadian Real Estate Association (CREA) shows the national housing market is rebounding after the mortgage stress tests were introduced last year, as sales and prices are growing again.

According to CREA, the average home price rose by 3.9% annually last month. In addition to it, home sales were up by about 13%.

Following the lowest level in six years, reached in February, the market activity is recovering all over Canada, with sales increases in almost 60% of all markets.

"Sales are rebounding in regions where we’ve seen declines after the mortgage stress test took effect at the start of the previous year. However, the activity there is still lower than before the new rules’ implementation”, - CREA's chief economist Gregory Klump noted.

The average home price at a resale market rose by 3.9% annually to $499,000 in July. Nevertheless, CREA believes the average number could be strongly affected by the results of large, expensive cities. That’s why they use the House Price Index for a clearer picture, as it adjusts for the size of the market and the type of real estate.

Last month, the HPI went up by 0.2% from a year ago, marking the first increase since January.

CREA says 11 of the 18 housing markets reported index gains, especially in central and eastern Canada.

Ontario saw significant hikes in the following markets, including the following results: Guelph (6.9%), The Niagara Region (5.9%), Ottawa (8.9%), Hamilton-Burlington (5%), Oakville-Milton (5%), The GTA (4.4%), Barrie (-1.3%).

"The risk of an immediate decline has been reduced sharply”, - TD Bank economist James Marple said. "Although affordability will still be a constraining factor in the most expensive markets, prices will probably go up rather than down during the next year”.

 

 

 

 

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