Canadian home sales may fall down by 11% this year
According to National Real Estate Group, Canadian home sales may fall down by 11% this year.
According to the Canadian Real Estate Association said home sales this year via Multiple Listing Service is coming at 459,900 units. In year 2017, sales topped at 517,000 units.
“This decrease entirely reflects on the weaker sales in Ontario and B.C. that amid ongoing supply shortages, high home prices, provincial policy measures, heightened housing market and new mortgage stress test of this year,” CREA said in an outlook.
Latest outlook marked a downgrade from the CREA which was offered in March, when said that total home sales this year were expected to the total of 479,400 units.
According to the latest forecast by real estate group, national average price is projected to ease this year around $499,100, that represent a drop of just 2% from year 2017 national average.
Home Sales in May hit 5 year low
CREA reported that home sales hit 5 year low in May as they all dipped by 0.1% from April.
CREA also said more than half of the local housing markets that reported fewer sales in May as compared to April, as led by the Fraser Valley, Chilliwack and Okanagan region, together with Durham region of the Quebec City and Greater Toronto Area.
Sales gains were reported in the Ontario centres St. Thomas, London, Brantford, Thunder Bay, the Quinte Region west of Kingston and Oakville-Milton and in Calgary. Sales in Greater Toronto area showed small increase.