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Phone:     905-761-7001
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15 September 2017

CREA reduces its home resale outlook because of Ontario

The Canadian Real Estate Association decided to cut its national home sales outlook by 5%, mostly because of lower activity in Ontario.

Now CREA expects 506,900 sales via MLS system this year, which is by 20,000 transactions lower than it predicted in June.

"British Columbia and Ontario will see home sales drop by about 10% in 2017 compared to record high numbers of the last year," – the report noted.

In addition to it, CREA predicts a 3.4% average price increase at the resale market this year to $506,700, while it was $526,000 earlier.

The main reason for such a change is fewer high-priced sales in Ontario's Greater Golden Horseshoe region.

The report says the national home resales last month via the MLS system went up by 1.3% from July, cutting the chain of four consecutive monthly decreases. However, the market activity is still by 13.8% lower than in a record-hot March.

In CREA’s opinion, the rebound in the GTA, where resales were up by 14.3% from July, pushed the national numbers significantly. If we exclude this region from calculation, the sales activity will remain almost unchanged.

According to the report, the actual (not seasonally adjusted) national average home price in August rose by 3.6% year-over-year and reached $472,247. The national average price is strongly affected by the sales in Greater Vancouver and Greater Toronto, as they are the most expensive markets In Canada.

“It will take time to see if this monthly increase is the start of rebound, especially in the Greater Golden Horseshoe region and other expensive markets. The situation will become clearer when mortgages with the pre-approval received before the latest rate hike expire,” – noted Gregory Klump, CREA Chief Economist.



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