Relocating to Canada: Home Sales Up and Newly Listed Homes Down
Posted by: Linda Lachapelle, Director, Mobility Solutions
This overview is provided courtesy of the Canadian Real Estate Association (CREA) and Coldwell Banker Affiliates of Canada.
While Canadian home sales were up 4.1% from May to June 2018, sales are still down from monthly levels over the past five years. According to statistics released by The Canadian Real Estate Association (CREA), new home listings were also down in June.
Highlights of CREA’s recent report include:
- National home sales rose 4.1% from May to June.
- Actual (not seasonally adjusted) activity was down 10.7% from June 2017.
- The number of newly listed homes dropped 1.8% from May to June.
- The MLS® Home Price Index (HPI) in June was up .9% year-over-year.
- The national average sale price was down 1.3% year-over-year in June.
What Does This Mean to Relocating Employees
While the new 'stress-test' regulations put in place at the beginning of the year—where homeowners seeking a mortgage must now qualify based on a higher rate of interest than is currently in place—are impacting home buyers, the increased home sale level may be a positive sign. According to the CREA, about two-thirds of all local markets in Canada were in balanced market territory in June 2018. As always, it is important to remember that market conditions vary greatly by housing price, region, city, and neighborhood.
Additional Information on Trends in Canada
Download Cartus’ Canada Relocation Policy & Practices survey for key trends in Canadian relocation, including flexible policy approaches, support for homeowners, temporary and rotational assignments, and more.
Please feel free to email me at email@example.com with any questions on the Canadian market and how the survey findings apply to your program.