Joanne Brandt

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Canadian Real Estate Association

Canadian home sales post third consecutive decline in July

 

Ottawa, ON, August 15, 2016 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales declined for a third consecutive month in July 2016.

Highlights:

  • National home sales fell 1.3% from June to July.
  • Actual (not seasonally adjusted) activity came in 2.9% below July 2015.
  • The number of newly listed homes rose 1.2% from June to July.
  • The MLS® Home Price Index (HPI) rose 14.3% year-over-year in July.
  • The national average sale price climbed 9.9% in July from one year ago; net of the Greater Toronto Area (GTA) and Greater Vancouver, it advanced 7% year-over-year.
Another Banner Month for CADREB

Aug.4, 2016

Time will tell whether the newly imposed 15% Property Transfer Tax on foreign buyers will affect Chilliwack and area, but in the meantime, home sales continue to outpace last year’s levels by a large margin.
While not seeing multi-bids as witnessed a few short weeks ago, home sales reached 387 in July, at a time when sales typically slow down for the summer. This represents almost 100 more sales than July of last year, totaling an incredible $154.7 million in value. 
What’s in store for late summer and fall?  Last year the market did not see much of a seasonal slowdown, but this Summer could and the changes to the PTT means we could see a return to a more balanced market,  according to Richard Admiraal, President of the Chilliwack and District Real Estate Board (CADREB).

CREA Update

Bank of Canada again keeps interest rates on hold

The Bank of Canada announced on July 13th, 2016 that it was keeping its trend-setting target overnight lending rate at 0.5 per cent.

The announcement repeated many of the themes from its announcements and Monetary Policy Reports (MPRs) published in late 2015 and early 2016. Chief among these themes is how the Bank is still counting on the continuation of low interest rates and stronger U.S. economic growth to buoy Canadian exporters amid ongoing weakness in Canadian business investment.

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