{"id":16426,"date":"2019-04-15T11:04:43","date_gmt":"2019-04-15T15:04:43","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=16426"},"modified":"2019-04-16T11:49:51","modified_gmt":"2019-04-16T15:49:51","slug":"march-crea-2019","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/march-crea-2019\/","title":{"rendered":"National Home Sales Remain Below Historical Average in March: CREA"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The slower spring market continues, with another year-over-year sales decline added to the books in March.<br><br>According to the latest report from the Canadian Real Estate Association, activity throughout the nation fell 4.6% from the same time period in 2018 \u2013 a six-year low for the month, and relatively unchanged from the pace of sales in February, which rose just 0.9%. Overall, national sales remain 12% below the 10-year average, though some provinces \u2013 such as British Columbia, Alberta, and Saskatchewan &#8211; are 20% below historical norms.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That slowing demand is now making its mark on the national home price, which dipped -1.8% to $481,745. Further, the MLS Home Price Index, which measures the value of homes changing hands, fell by 0.5%, its second consecutive monthly drop and by the largest margin since September 2009.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/04\/canada-home-prices-mar-2019-zoocasa.png\"><img decoding=\"async\" src=\"\"><img loading=\"lazy\" decoding=\"async\" width=\"1300\" height=\"1294\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/04\/canada-home-prices-mar-2019-zoocasa.png\" alt=\"\" class=\"wp-image-16428\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/04\/canada-home-prices-mar-2019-zoocasa.png 1300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/04\/canada-home-prices-mar-2019-zoocasa-150x150.png 150w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/04\/canada-home-prices-mar-2019-zoocasa-300x300.png 300w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/04\/canada-home-prices-mar-2019-zoocasa-768x764.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2019\/04\/canada-home-prices-mar-2019-zoocasa-1024x1019.png 1024w\" sizes=\"auto, (max-width: 1300px) 100vw, 1300px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><br><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Market Slowdown Split Across Provinces<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">However, it\u2019s not the same story across all of Canada\u2019s market \u2013 roughly half of its urban centres, including the Greater&nbsp;<a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\">Toronto real estate<\/a> market, Oakville-Milton, Ottawa, and Victoria saw sales activity pick up, while it plunged in the Greater&nbsp;<a href=\"https:\/\/www.zoocasa.com\/vancouver-bc-real-estate\">Vancouver real estate<\/a> and&nbsp;<a href=\"https:\/\/www.zoocasa.com\/edmonton-ab-real-estate\">Edmonton real estate&nbsp;<\/a>markets as well as in Regina, Saskatoon, London, St. Thomas, and Quebec City.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The number of new listings also rose in <g class=\"gr_ gr_4 gr-alert gr_spell gr_inline_cards gr_disable_anim_appear ContextualSpelling multiReplace\" id=\"4\" data-gr-id=\"4\">two thirds<\/g> of all markets, further skewing conditions in buyers\u2019 favour. However, those searching for homes in the GTA, Ottawa, and Halifax-Dartmouth continue to contend with high levels of competition as supply and demand imbalances persist in those cities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Overall, the national housing market can be considered balanced with a sales-to-new-listings ratio (<g class=\"gr_ gr_6 gr-alert gr_spell gr_inline_cards gr_disable_anim_appear ContextualSpelling ins-del multiReplace\" id=\"6\" data-gr-id=\"6\">SNLR<\/g>) of 54.2%. That\u2019s down slightly from the 54.9% recorded last month. This ratio, which measures the level of competition in the market, is calculated by dividing the number of sales by the number of new listings introduced over the course of the month. A ratio between 40 \u2013 60% indicates balanced conditions, while below and above that threshold reveal buyers\u2019 and sellers\u2019 markets, respectively.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The total level of inventory \u2013 the amount of time it would take to completely sell all available homes for sale \u2013 sits at 5.6 months, a 3.5-year high, though in line with the long-term average of 5.3 months.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Still No Price Relief for First-Time Buyers<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">CREA\u2019s analysts continue to point to the national mortgage stress test, which requires borrowers to qualify at an interest rate higher than the one they\u2019ll actually pay, as the main factor behind slower real estate sales. As well, the First-Time Home Buyers\u2019 Initiative, the mortgage equity sharing program announced last month by the federal Liberal government, is not yet in effect, postponing any potential relief for priced-out buyers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As stated by CREA\u2019s new President Jason Stephen, \u201cIt will be some time before policy changes announced in the recent Federal Budget designed to help first-time home buyers take effect. In the meantime, any prospective home buyers remain sidelined by the mortgage stress test to varying degrees depending on where they are looking to buy.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, despite these challenges, some markets remain quite competitive, due to strong job creation and wage growth. That\u2019s continuing to support demand, and is setting the stage for a rebound in buy activity in the future, according to CREA\u2019s Chief Economist Gregory Klump.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cMarch results suggest local market trends are largely in a holding pattern. While the mortgage stress test has made access to home financing more challenging, the good news is that continuing job growth remains <g class=\"gr_ gr_10 gr-alert gr_spell gr_inline_cards gr_disable_anim_appear ContextualSpelling\" id=\"10\" data-gr-id=\"10\">supporting<\/g> for housing demand and should eventually translate into stronger home sales activity pending a reduction in household indebtedness,\u201d he stated.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Price Trends by Home Type<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Multi-family homes, such as apartments and condos, were the only type to see year-over-year price growth this month, up just 1.1% on average. Townhouse prices remained flat, dipping -0.2%, while one- and two-storey single-family home prices slid 1.8% and 0.8%, respectively.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Price Trends by Region<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">British Columbia<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ufeff<\/strong>BC markets remain \u201cmixed\u201d, with Greater Vancouver experiencing a massive year-over-year drop double-digit drop in sales, pulling prices down by -7.7%. They also fell -3.9% in the Fraser Valley; this is a sharp turnaround from the stratospheric price growth experienced in these regions throughout 2016 and 2017. Prices were down -0.8% in the Okanagan Valley as well, though they rose 1% in <g class=\"gr_ gr_9 gr-alert gr_gramm gr_inline_cards gr_disable_anim_appear Punctuation only-del replaceWithoutSep\" id=\"9\" data-gr-id=\"9\">Victoria,<\/g> and 6.4% elsewhere on Vancouver Island.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Ontario<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">All housing markets located within the Greater Golden Horseshoe are experiencing an upward tick in prices, led by Guelph with a 6.6% increase. That\u2019s followed by Niagara Region (6%), Hamilton-Burlington (3.7%), the GTA (2.6%), and Oakville-Milton (2.3%). Barrie and District markets, however, saw price declines averaging -7.1%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Ottawa market continues to boom amid&nbsp;<a href=\"https:\/\/www.zoocasa.com\/blog\/ottawa-sellers-market-2019\/\">extremely tight sellers\u2019 conditions<\/a>, with robust year-over-year price growth of 7.6%.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Prairies<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A lingering supply-and-demand imbalance, combined with a slowing economy and job market, continue to put downward pressure on Prairie housing prices; they fell -4.9% in Calgary, -4.4% in Edmonton, -2.7% in Saskatoon, and -4.6% in Regina. \u201cThe home pricing environment will likely remain weak in these cities until demand and supply become more balanced,\u201d states CREA\u2019s report.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Eastern Canada<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The Greater Montreal market saw a strong 6.3% increase in prices, fueled by heavy investment and domestic demand, while Greater Moncton prices rose 2.1%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The slower spring market continues, with another year-over-year sales decline added to the books in March. According to the latest report from the Canadian Real Estate Association, activity throughout the nation fell 4.6% from the same time period in 2018 \u2013 a six-year low for the month, and relatively unchanged from the pace of sales [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":16427,"comment_status":"closed","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-16426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-infographics","category-real-estate-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>March National Home Sales Below Historical Average | Zoocasa<\/title>\n<meta name=\"description\" content=\"The slower spring market continues, with another 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