{"id":13887,"date":"2017-08-15T11:34:56","date_gmt":"2017-08-15T15:34:56","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=13887"},"modified":"2018-01-30T16:11:13","modified_gmt":"2018-01-30T21:11:13","slug":"slowing-home-sales-less-severe-in-july-crea","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/slowing-home-sales-less-severe-in-july-crea\/","title":{"rendered":"INFOGRAPHIC – Slowing Home Sales Less Severe in July: CREA"},"content":{"rendered":"

National home prices have fallen as a whole year over year for the first time since 2013, reveals the latest data<\/a> from the Canadian Real Estate Association. The July report finds the new national average home price is $478,696 \u2013 a 0.3 per cent decrease \u2013 as sales softened for the fourth consecutive month, by 2.1 per cent, and 12 per cent from last July.<\/p>\n

Much of the decline is being felt in the Greater Toronto Area, though sales fell in two thirds of all markets from June, including Calgary, Ottawa, and Halifax-Dartmouth.<\/p>\n

However, the pace at which sales are slowing has substantially calmed since the panicked early summer market, down to only a third of what was seen in May (though still 15.3 per cent below the record set at the March peak).<\/p>\n

Prices followed suit in the most affected markets:<\/p>\n

\"\"<\/p>\n

Signs of a Calming Market?<\/h2>\n

A reduced slowdown\u00a0could indicate the initial rush to list following recent housing market rule changes may be subsiding: sellers swamped the market with new homes for sale in response to Ontario’s Fair Housing Plan, just as buyers decided to take a \u201cwait-and-see\u201d approach.<\/p>\n

That flood of new supply, combined with slower sales activity, has effectively tipped the Toronto real estate<\/a> market into buyer\u2019s territory. The number of months of available inventory \u2013 the amount of time it would take to completely sell all homes on the market \u2013 hit 5.2 nationally, the most since January 2016. In the GGH, it\u2019s 2.6 months, which is more than triple the all-time low of 0.8 months recorded in February-March.<\/p>\n

However, that new supply is starting to slow, moderating by 1.8 per cent across Canada, led by the GTA, Calgary, Edmonton, Montreal, and northern B.C., which has been impacted by wildfires throughout the summer season.<\/p>\n

Related Read: GTA Home Sales Plunge 40% in July<\/a><\/strong><\/p>\n

Rising Interest Rates Play a Role<\/h2>\n

CREA President Andrew Peck says the July market may also have benefited from a small buying bump due to rising interest rates, as those with pre-approvals may have been prompted to make a move. \u201cJuly\u2019s interest rate hike may have motivated some homebuyers with pre-approved mortgages to make an offer,\u201d he said. \u201cEven so, sales activity continued to soften in the Greater Golden Horseshoe Region.\u201d<\/p>\n

Gregory Klump, CREA\u2019s chief economist, adds that while this may indicate the market is improving, \u201cTime will tell whether that\u2019s indeed the case, once the transitionary boost by buyers with pre-approved mortgages fades.\u201d<\/p>\n

Will Buyers Return for Back-to-School?<\/h2>\n

The industry has been holding its breath to see if slowdown symptoms are indeed temporary; in addition to the Bank of Canada effect, they\u2019re looking to September, which is usually a busy time for buyers. If buyers don\u2019t show up for the back-to-school season<\/a>, that could indicate there\u2019s more at play than a market tantrum.<\/p>\n

However, it appears new rules have had a positive effect; CREA reports that the majority of markets are now in balanced territory, at an average sales-to-new-listings ratio of 53.5 per cent. (A ratio between 40 \u2013 60 per cent indicates a balance, while above and below are seller\u2019s and buyer\u2019s markets, respectively.) In contrast, the ratio was in the high 60s range in the first quarter of the year.<\/p>\n

However, the GTA remains below the 40-per-cent mark.<\/p>\n

\u201cIn the Greater Golden Horseshoe region, housing markets that recently favoured sellers have become more balanced, with some beginning to tilt towards buyer\u2019s market territory.\u201d<\/p>\n

\u201cA Perfectly Balanced Market\u201d<\/h2>\n

Lauren Haw, Broker of Record at Zoocasa Realty, adds that buyers and sellers shouldn\u2019t be deterred\u00a0by Toronto\u2019s new status, as it has led to overall healthier conditions.<\/p>\n

\u201cWhat is interesting is there\u2019s less\u00a0good<\/em>\u00a0inventory; buyers\u00a0are starting to get excited again, but they\u2019re\u00a0being\u00a0incredibly picky,\u201d she says.\u00a0\u201cWe are seeing very active buyers who are making offers on great properties, for example,\u00a0a good house on a quiet street, luxury lofts, and condos with great layouts.\u00a0Previously inactive buyers, who\u00a0were priced out the market,\u00a0are seizing\u00a0the opportunity to get back in.\u00a0It\u2019s no longer the days of insane growth and buyers saying, \u2018I\u2019ll buy anything.\u2019\u00a0As a result, we\u2019re in a perfectly balanced market \u2013 if you have premium unit, you will get better buyers.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

National home prices have fallen as a whole year over year for the first time since 2013, reveals the latest data from the Canadian Real Estate Association. The July report finds the new national average home price is $478,696 \u2013 a 0.3 per cent decrease \u2013 as sales softened for the fourth consecutive month, by […]<\/p>\n","protected":false},"author":39,"featured_media":13897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[1107,33],"tags":[],"class_list":["post-13887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-infographics","category-real-estate-news"],"yoast_head":"\nSlowing Home Sales Less Severe in July: CREA | Zoocasa Life<\/title>\n<meta name=\"description\" content=\"The pace of slowing home sales lessened somewhat in July, though activity is still 15% below the March peak. 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