Canadian existing home sales drop
- Number of newly listed homes dropped 6.7% from December 2016 to January 2017
- Average sale price +0.2% y/y
- Full report
There is so much talk about the lack of listings in certain large Canadian markets and that seems to be the story here, along with new regulations.
"Canadian homebuyers face some challenges this year, including new mortgage rules that make it harder to qualify for a mortgage and regulatory changes that will push up mortgage financing costs," said CREA President Cliff Iverson. "It will take some time to gauge the extent to which these challenges will weigh on home buyers in different housing markets across Canada. All real estate is local, and REALTORS® remain your best source for information about sales and listings where you live or might like to in the future."
See: Canadian housing has hit the gonzo phase.
