Canadian home sales hold steady in November
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity was unchanged on a month-over-month basis in November 2014.
• National home sales were unchanged from October to November.
• Actual (not seasonally adjusted) activity stood 2.7% above November 2013 levels.
• The number of newly listed homes edged down 0.4% from October to November.
• The Canadian housing market remains balanced.
• The MLS® Home Price Index (HPI) rose 5.2% year-over-year in November.
• The national average sale price rose 5.7% on a year-over-year basis in November.
The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations was unchanged in November 2014 compared to October.
As a result, activity remains much improved compared to the quiet start to the year. November sales strengthened in half of all local housing markets, with monthly increases in Montreal, Edmonton, Winnipeg, Hamilton- Burlington, Barrie, and Windsor-Essex tempered by a monthly decline in the Greater Toronto Area.
“The Canadian housing market remains a story about how sales and prices are still running strong in some areas while others are seeing subdued levels of activity with slower price gains or modest price declines,” said CREA President Beth Crosbie. “All real estate is local and your REALTOR® remains your best source for information about how the housing market is shaping up where you currently live or might like to in the future.”
“The effect of lower oil prices on Canada’s housing markets is something of a wildcard at the moment,” said Gregory Klump, CREA’s Chief Economist. “It’s not clear how far oil prices may drop or for how long they’ll stay down. How that plays out may affect the outlook for interest rates, job growth, consumer confidence, and sentiment about making major purchases.”