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Canada’s Housing Market Update Shows Some Good News

By The A-Team | Dec 03, 2019 | Buyers

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The A-Team brings you another roundup of news about the most current housing market in Canada. This week is quite a good one for the real estate sector whether for housing or the condominium niches.

According to a recent report from Zoocasa.com, the Canadian housing market is continuously recovering from in terms of sales and home prices for the eighth consecutive month now.

Based on the statement from the Canadian Real Estate Association (CREA), there is an increase of 20% in terms of the national sales activity in the housing market in comparison to the recorded low in February:

Home Sales and Prices Continue to Rise Year over Year

“Steady national activity in October hides how the mortgage stress test remains a drag on many local markets where the balance between supply and demand favors home buyers in purchase negotiations.” - Via zoocasa.com
Another real estate news source, Livabl.com, also reiterated this report particularly in relation to the housing market in Canada and the overall economic status in the country:

Canada’s strengthened housing market is a growth driver for the economy again

Canadian home sales stayed put in October, preserving the gains made through the spring and summer seasons and keeping the sales total comfortably above the 10-year average for the month.

Although they were virtually unchanged when compared to September, nation-wide sales rose by nearly 13 percent over October 2018 with the market continuing to tighten up as new home listings dropped by nearly 6 percent year-over-year. Meantime, home prices on the national level rose at the fastest pace observed in 2019 thus far. - Via livabl.com

Zoocasa.com supported this with another statement:
Gregory Klump, CREA’s chief economist, concurs, saying, “It’s a full-blown buyers’ market or on the cusp of one in a number of housing markets across the Prairies and in Newfoundland. Home buyers there have the upper hand in purchase negotiations and the mortgage stress test has contributed to that by reducing the number of competing buyers who can qualify for mortgage financing while market conditions are in their favor.” - Via zoocasa.com
Betterdwelling.com, on the other hand, tackled another real estate segment, the high-rise niche, and sees the same improvement and good news in the industry. In fact, the report stated that the Canadian condo sales are up several times in recent months:

Canada’s Major Cities Saw Condo Prices Rise Over 3x Faster Than Houses

Canadian real estate prices have been on a tear, but most of the gains are in condo apartments. Statistics Canada (Stat Can) releases its Residential Property Price Index (RPPI). The result for Q3 2019, show Canada’s largest cities have seen a large movement in home prices recently. The large movement is due to condo apartments, which are growing over three times faster than houses. - Via betterdwelling.com
With condo and house sales accelerating, key players are more optimistic and hopeful for the real estate niche in the remaining months of 2019. Stay tuned for more exciting news updates from the A-Team!

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