Money Average house price in Canada fell 11% in past year, CREA says

16:47  16 may  2018
16:47  16 may  2018 Source:

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The average price of a Canadian home rose by three per cent in the year up to September, even as sales came in 11 per cent lower than they were a year ago. "National sales appear to be stabilizing," CREA president Andrew Peck said in a statement. "While encouraging, it's too early to tell if this is the

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The average price of a Canadian home declined by more than 11 per cent in the 12 months up to April, the Canadian Real Estate Association said Tuesday.

The realtor group said the number of sales plunged by 13.9 per cent compared with the previous year's level, and fell to the lowest April showing since 2011.

April is typically a booming month for home sales, as warmer weather spurs sales. But listings slowed from March's level during the month, coming in 4.8 per cent lower. It was the slowest April for new listings in nine years, CREA said.

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The average house price in Canada was 8,696 in July, down 0.3 per cent from the same month a year earlier. The decline reflects fewer sales in the Toronto and Vancouver regions, CREA said .

Canadian house prices continue to march higher, with the average price of one sold in April hitting 9,317 — an increase of more than 10 per cent in a year . The average Canadian home is now worth nearly 0,000, CREA says .

Sales were down in 60 per cent of all markets, led by the Fraser Valley in British Columbia, along with markets in and around the Golden Horseshoe area in southern Ontario.

a group of people on a sidewalk in front of a store: Home sales numbers for Toronto and Vancouver are skewing lower the national average selling price, CREA says.© Jason Alden/Bloomberg Home sales numbers for Toronto and Vancouver are skewing lower the national average selling price, CREA says.

The realtor group placed the blame in part on new stress test rules aimed at tightening lending standards, which came into force in January.

"The stress test that came into effect this year for homebuyers with more than a twenty per cent down payment continued to cast its shadow over sales activity in April," CREA President Barb Sukkau said in a release.

Sales were down, and so were prices. CREA said the average price of a home sold last month went for $495,000. That figure has fallen by 11.3 per cent from April 2017.

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CREA said home sales fell by 6.7 per cent last month compared to May — the sharpest monthly Canada 's housing boom has 30% chance of going bust, Goldman Sachs says . The average price of a Canadian home sold in June was 4,458, a 0.4 per cent increase in the past year .

House prices have fallen in five provinces over the past year , but are growing strongly in B.C., Ontario and New Brunswick. CREA says a sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions.

But as has been the case for several months, CREA said activity in Toronto and Vancouver is skewing the markets. When both markets were red hot, they were pushing the average up. But now that both markets have cooled, they are pulling it lower.

If sales from those two markets are stripped out, CREA says the average selling price of a Canadian home in April was $386,100, and the annual decline shrinks to just 4.1 per cent.

"This was a disappointing report," TD Bank economist Rishi Sondhi said after the numbers came out. "Sales fell during April while revisions to March painted a weaker picture of activity than originally thought."

Sondhi said the new stress test rules, along with new taxes on foreign buyers in Ontario and British Columbia "will continue to weigh on activity and sentiment."

But "ultimately, signs of stabilization should emerge later in the year and into 2019, amid healthy labour markets and ongoing population growth," Sondhi said.

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