Yesterday the Canadian Real Estate Association (CREA) released statistics indicating that national home sales posted a 0.8% gain from August to September 2013. While markets in Greater Vancouver and Greater Toronto enjoyed improved sales on a month-over-month basis, markets in Calgary and Montreal declined. The number of newly listed homes declined by 1.4 per cent on a month-over-month basis in September. The Canadian housing market has tightened but continues to remain balanced.
“Year-over-year increases in the sales over the past couple of months highlights how activity softened across much of the country following the introduction of tighter mortgage rules last summer,” said Gregory Klump, CREA’s Chief Economist.
“Sales activity across much of the country has improved in recent months following a slow start to the year and new listings in some areas have not kept pace,” said CREA President Laura Leyser. “Depending on where they are, there may be a bit more competition among buyers for limited inventory in the months ahead. Because all real estate is local, your REALTOR® remains your best resource for understanding how the housing market is shaping up either where you live or might like to.”
Read the full report here: http://creanews.ca/2013/10/15/canadian-home-sales-edge-higher-in-september/
“Emerging from the survey are some very real indications that Canadian homebuyers—and their attitudes—have changed,” says Gurinder Sandhu, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. “Purchasing patterns have evolved, with a more conservative, fiscally-responsible purchaser moving to the forefront. While tighter mortgage rules implemented last July played a role in the transition, the fallout south of the border and overseas drove the message home.”
- Second-time and multi-time buyers represent 70 per cent of those serious about making a move—a trend that emerged in the latter half of 2012 and is expected to continue over the next two-year period. First-time buyers will continue to play a role in the market—at 30 per cent— but this cohort’s more experienced counterparts will lead the charge for housing over the next 24 months.
- Spending patterns were conservative for the most part. Thirty-eight per cent of purchasers indicated they would spend under $250,000 on their home, while 42 per cent would spend between $250,000 and $500,000, 10 per cent would spend between $500,000 and $1 million and one per cent intended to spend over $1 million.
- Overall, 48 per cent of those surveyed believed housing values in their area would rise in the next 12 months and 35 per cent believed housing values would remain the same. Ten per cent believed housing values would decline.
- Of those purchasing in the next 24 months, 18 per cent are single, 43 per cent are couples, and families account for 33 per cent. Almost half of single purchasers (45 per cent) are female—confirming suspicions that women now represent a considerable force in the market.
- The vast majority of purchasers continue to seek out single-detached homes (53 per cent), while condominiums ranked second at 17 per cent, followed by both semi-detached/duplex and townhouse/rowhouse each at 11 per cent.
Who’s Buying Real Estate in Canada and Ontario (2013-2014)
For the complete report visit: http://www.bestagent.ca/uploadedFiles/BestAgent/Content/News/Press_Releases/2013/RPT_Demo_2013.pdf
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