Home sales fell again for the third month according to CREA with Toronto and Vancover leading the way.

Sales are down across the province, with the GTA and Hamilton-Burlington showing the biggest drops. CREA predicts that home sales will fall double digits to their lowest in five years.

 

 

 “ The decline in homeownership affordability caused by this year’s new mortgage stress-test remains very much in evidence. Despite supportive economic and demographic fundamentals, national home sales have begun trending lower. ”

~ Gregory Klump, CREA Chief Economist

For more information, see CREA Stats

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The Toronto Real Estate Board says that housing sales in the Greater Toronto Area were down 22.2 percent compared to May of last year. The decline is less than the February through April decline of 30 percent but continued the downward trend. The average selling price was down nearly 7 percent to $805,320. TREB beleaves that tighter market conditions may lead to increased buy competition leading to stronger price growth going forward into the year.

 

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The Canadian Real Estate board said that the Canadian average home price has dropped 10% over last year. Sales of homes also plunged by nearly a quarter from the same month last year.

The real estate group blamed recent mortgage rule changes for wreaking havoc on the market, creating feverish demand for starter homes, but making it much harder to move up.

CREA's chief economist Gregory Klump said in a news release, "Recent changes to mortgage regulations are fuelling demand for lower-priced homes while shrinking the pool of qualified buyers for higher-priced homes," 

"Given their limited supply, the shift of demand into lower price segments is causing those sale prices to climb. As a result, 'affordably priced' homes are becoming less affordable while mortgage financing for higher priced homes remains out of reach of many aspiring move-up homebuyers."

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