Canadian Home Sales Post Solid Gain in November!

According to statistics released by The Canadian Real Estate Association (CREA), national home sales posted a modest monthly increase in October but remain below levels recorded one year ago.
 
Highlights

• National home sales rose 3.9% from October to November
• Actual (not seasonally adjusted) activity was up 2.6% from November 2016
• The MLS Home Price Index (HPI) was up 9.3% year-over-year (y-o-y) in November 2017
• The national average sale price edged up 2.9% y-o-y in November

"Some home buyers with more than a 20% down payment may be fast-tracking their purchase decision in order to beat the tougher mortgage qualifications coming into effect next year," said CREA President Andrew Peck. "Evidence of this is mixed and depends on the housing market. It will be interesting to see whether December sales show further signs of home purchases being fast-tracked. A professional Realtor is your best source for information and guidance in negotiations to purchase or sell a home during these changing times."
 
"National sales momentum remains positive heading toward year-end," said Gregory Klump, CREA's Chief Economist. "It remains to be seen whether stronger momentum now will mean weaker activity early next year once new mortgage regulations take effect on New Years Day."
 
If you have questions, or concerns, about today's market, feel free to contact me today!
 
Mike Mossuto
 Real Estate Advisor
 Keller Williams Complete Realty