Canadian home sales outlook hiked as prices rack up biggest gains in two years

The Canadian Real Estate Association says there will be more housing sales this year than it previously forecast because of population and job growth and a decline in long-term mortgage rates.

The western downswing will be more than offset by expected gains of 8.3 per cent in Ontario and 9.7 per cent in Quebec, CREA said.“In recent months, home prices have generally been stabilizing in British Columbia and the Prairies, a measure which had been falling until recently,” CREA said. “Meanwhile, price growth has begun to rebound among markets in the Greater Golden Horseshoe region amid ongoing price gains in housing markets east of it.

Besides B.C., sales are also depressed in Alberta, Saskatchewan and Newfoundland and Labrador, while Manitoba, Quebec and New Brunswick are expected to set new annual sales records, the association said. CREA projects the national average price to gain by 2.1 per cent next year to $501,400, remaining below its 2017 level.

“The recent marginal decline in the benchmark five-year interest rate used to assess homebuyers’ mortgage eligibility, together with lower home prices in some markets, means that some previously sidelined homebuyers have returned,” said Gregory Klump, CREA’s chief economist. “Even so, the mortgage stress-test will continue to limit homebuyers’ access to mortgage financing, with the degree to which it further weighs on home sales activity continuing to vary by region.

Just in time for Liberals to tax those principal residence gains.

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Attacks on Saudi Arabia’s oil plants threaten U.S. gasoline price hikes, particularly in CaliforniaThe recent drone attacks may start a gasoline price hike across North America Good Of course Doug Ford will blame the federal carbon tax.
Source: globeandmail - 🏆 5. / 92 Read more »

5 things to watch for in the Canadian business world this weekFrom home sales figures to inflation, this will be a week full of stories to watch in the Canadian business world.
Source: CTVNews - 🏆 1. / 99 Read more »

Taylor Pendrith earns second Canada Life Canadian Player of the Year honours - TSN.caFor the second time in four years, Taylor Pendrith earned Canada Life Canadian Player of the Year honours on the Mackenzie Tour – PGA TOUR Canada.
Source: TSN_Sports - 🏆 80. / 51 Read more »

OPEC says too early to raise output after Saudi attacksOil surged on Monday to almost $72 a barrel, posting its biggest intra-day percentage gain since the Gulf War in 1991
Source: globeandmail - 🏆 5. / 92 Read more »

Asian markets mixed as oil prices surgeAsian stock markets were mixed Monday after crude prices surged following an attack on Saudi Arabia's biggest oil processing facility.
Source: CTVNews - 🏆 1. / 99 Read more »

Second Alberta man told to remove pro-oil and gas shirt during Parliament tourFor the second time this month, a Calgary man was told to remove his “I love Canadian oil and gas” shirt while visiting Ottawa’s Parliament. Pure BS! Some people are allowed to wear headwear that covers their face, but freedom of expression is not allowed on ones’ clothing .... Our laws are weakening ... cmon Canada! TrudeauMustGo
Source: CTVNews - 🏆 1. / 99 Read more »