Home Sales in Canada Housing Market dropped down too much in January, 2018 and remained very weak in February. As per reports from RBC, this will mark a while before market gets back on its feet.
Robert Hogue, RBC senior economist said that notion which is stress test for uninsured mortgage may slow down Canada Housing Market and is getting too much currency.
After a steep drop in January, activity of home sales was again too weak in February. Here are some Secret to Real Estate Wealth that reveal Canada’s Leading Experts Reveal Their Secrets for Building and Protecting Real Estate Wealth.
Hogue also notes that while Vancouver and Toronto activities have been slumped down, data from some other local real estate boards suggested there is a dip in activity which was “cross-Canada affair.”
Home Sales in Calgary dropped down by 18% over the year, whereas there was a drop of 19% in Victoria. Whereas Montreal saw a 5% gain over a year, home sales in Canada was down from 13% increase in January.
Whereas in Toronto, home sales dropped by 25%, a very serious decline from where real estate market sat last year this time.
Hogue said that according to the rough calculations, it will translate in an 8 year low on seasonally adjustment basis. Benchmark price was decelerated to an annual price of increase of around 3.2%.
In Vancouver story of real estate market was too similar, home sales fell down by 9% over a year in February. You Need to Know Before Buying or Selling a Home in Canada.
Hogue also said that they have estimated that it is correspond to 2nd straight monthly decline on seasonal adjustment basis.
But Hogue believes that real estate market should begin to recover in the coming months, an upward pressure of price in Vancouver real estate market and an uptick in listing in both Vancouver and Toronto last month.
Hogue also wrote that it is worth that home sellers warned Canada Housing Market. “New home listings rose in February in Vancouver and Toronto after decline in January.”