Despite current GTA policies, national sales numbers went up in August

The existing housing policy regime in Ontario has not stopped sales activity from intensifying in Toronto, a development that has in turn contributed to sales volume growth on a national basis last month.

According to statistics released last week by the Canadian Real Estate Association (CREA), national home sales rose by 1.3 per cent from July to August. Ontario sales posted a 14.3-per-cent month-over-month increase in the same time frame, despite the dampening presence of the foreign home buyers’ tax and the Ontario Fair Housing Plan.

“Experience shows that home buyers watch mortgage rates carefully and that recent interest rate increases will prompt some to make an offer before rates move higher, while moving others to the sidelines,” CREA president Andrew Peck said.

“Time will tell whether the monthly rise in August sales activity marks the beginning of a rebound, particularly in the Greater Golden Horseshoe region and other higher-priced urban centres,” CREA chief economist Gregory Klump added. “The picture will become clearer once mortgages that were pre-approved prior to recent interest rate hikes expire.”

Meanwhile, the number of new listings nationwide fell by 3.9 per cent in August, marking a third straight monthly decline.

“The national result largely reflects a reduction in newly listed homes in the GTA, Hamilton-Burlington, London-St. Thomas and Kitchener-Waterloo, as well as the Fraser Valley,” CREA reported.


Related stories:
$35m mansion up for grabs in Toronto’s bridle path neighbourhood
BC market sees sluggish end of summer stats

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COMMENTS

  • by Dizzy 2017-09-20 11:34:28 AM

    Here is what is missing. These sales statistics are based on closed transactions and not "pending sales." Therefore this sales activity is the activity of sales made before any changes were implemented. It would be very misleading to base any statics on sales that have not closed. The National Stats are not subject to the changes made in the Golden Horseshoe and , in my opinion, cannot be related. You can give a national stat but would have to break down a statistic within the Golden Horseshoe as it is influenced by different factors. The number of new listings may be down however you fail to mention inventories are now higher then they have been the past seven months. So in short the information is questionable rather then accurate.

  • by CTA capital loan service 2017-09-24 6:14:27 PM

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