Housing Sales in Canada See Late Summer Boost
With fall now upon us, everything seems to be quieting down. The geese have flown south, the weather is cooling and the leaves are falling, but the same canít be said for the Canadian housing market.
October 15th, Oakville, Ontario, Canada††††††††
With fall now upon us, everything seems to be quieting down.† The geese have flown south, the weather is cooling and the leaves are falling, but the same canít be said for the Canadian housing market. Surprisingly, homes sales in September were actually higher that August by 2.5%.† This is the first gain seen month to month since way back in March of this year.†
Although, this is good news for the housing market, including Oakville luxury homes for sale, if you look at the broader picture, house sales are actually down more than 15% since this time last year.
So what is causing these interesting numbers you ask? Well, many analysts believe that the slow down this fall is largely due to the new mortgage rules put in place back in June, which makes it harder to qualify mortgages for new buyers in the market.† While some potential home buyers may be negatively affected by these new mortgage rules, many more people are also stepping back and assessing what they can reasonably afford in their market. This is partially what these new rules were designed to do in the first place, so they appear to be working.
Beyond these rule changes, many also feel that the inflated home prices in Toronto and Vancouver as well as an uncertain economic future worldwide have made people extra cautious to delve into the market at this time.† In reality, this is the same situation weíve been dealing with for the past year and conditions are unlikely to change in the near future.
In other statistics of note, home prices in Canada were up just over 1% since this time last year, while Vancouver accounted for much of this low number. With Vancouver excluded, home prices rocket up to a 3.4% increase since a year ago.† Across the rest of the country the numbers were looking positive with Toronto seeing an almost 6% increase in the past year.
The Goodale Miller Team is based in Oakville, Ontario, specializing in luxury homes for sale, is Canadaís #1 Century 21 team for 8 years running.
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