Tips for first time home buyers


Buying a home can be tricky and confusing, whether you’re buying your first home or your third. Between finances, the market, and other many things you need to do, it can be come very overwhelming. So if you’re looking to buy Homes for Sale in Outlook, here is a list to make the process a little easier.

Credit Check
Checking your credit is one of the first things you should do when thinking about buying a home. If your credit score is low, then you’ll want to start taking the necessary tips to increase your score. Speak with a professional and they can teach you the best ways to prioritize your payments and the best ways to improve your score.

Do your research
If you have a specific neighbourhood in mind it is always good to do some research on that area before hand. Check the price of the listings both active and sold, check the average days on the market and the average price of each sold listing. It is best to speak to a Real Estate Agent Outlook to get all of this information.

The Costs
There are a lot of costs when first owning a home, so it is best to know everything before going into it. There is of course the mortgage and down payment to purchase the home, but there are also things like property tax, home insurance, etc. Also don’t forget about closing costs, the costs to buy new furniture, yard maintenance tools, etc. Speak to your real estate agent to get a list of all of the items that are going to cost money, not and in the future.

Home Search
Now that you have that information, you can work with your Real Estate Agent Outlook to find the right home. Realtors have access to the MLS and access to all listings in the area you want. Give the realtor the list of wants and needs that you desire, so they can give you a list of all the homes that meet your criteria.

Home Inspection
The inspection of the home is one of the most important parts of the buying process. When the inspection is taking place, make sure that both you and your realtor are present, and making a list of all of the concerns the inspector may have. Make sure to ask the inspector common issues found in home inspections. Once you have this info your agent can work with the seller on repairing these issues.

These are just a few of the many things you’ll need to know when purchasing Homes for Sale in Outlook. For more information about contact RE/MAX Shoreline Realty today!

Why you need to hire a Real Estate Agent Outlook


With the internet it is easy to find info on real estate listings, as well as buying and selling a home. So many people feel they don’t need a real estate agent anymore. In this article we are going to cover some of the reasons you need to hire a real estate agent Outlook.

Real Estate Agent Outlook,Homes for Sale in Outlook,Houses for Sale in OutlookKnowledge and Expertise
Buying selling Homes for Sale in Outlook is not as easy as some people think. There are a lot of things within the industry that most people don’t see or hear about, and this alone is why you need to hire a real estate agent. Most agents, especially the ones who have been in the field a long time, habve the knowledge and expertise to handle any real estate situation.

Neighborhood Wise
These days many agents are finding it is important for them and their potential business, to focus on specific neighbourhoods within their city. Because of this they will spend a lot of their time doing research on becoming experts in that neighbourhood. They will have all of the info for that area, including schools, parks, walking and hiking trails, recreation, etc. When looking to buy houses for sale in Outlook, these are the types of agents you want to be working with.

Real Estate Agent Outlook,Homes for Sale in Outlook,Houses for Sale in OutlookNetworking
The real estate industry is always expanding with new agents starting every day. This is beneficial to you as they are always networking with each other, and many times refer each other to different companies and services they have used in the past. They are very knowledgeable in knowing who the best companies to work with are. On top of that, they also network with each other on listings, and other listings their client may like.

Availability
Your real estate agent is always going to be there for you, during the process and even after you’ve sealed the deal. If you have questions about things like property tax, or anything that comes with buing or selling a home, your agent will always be there to answer any questions you may have, and assist you with the best of their abilities.

These are just a few reasons why you need to hire a real estate agent Outlook. For more information about contact RE/MAX Shoreline Realty today!

What your Real Estate Agent Outlook should be doing for you


Real estate agents have an obligation to do everything they can, and utilize every tool in their arsenal to sell your home. As the home owner you need to be sure that your real estate agent Outlook is doing that, as you are putting your trust and your home in their hands. Here is a list of just a few things your agent should be doing for you.

Real Estate Agent Outlook,Homes for Sale in Outlook,Houses for Sale in OutlookHome Evaluation
Doing a proper home e valuation and pricing your home on the market correctly is one of the most important things your realtor should be doing for you. When listing Houses for Sale in Outlook some agents will take the easy way out and just price the home to whatever the seller wants, but a good realtor will use all of their knowledge of the industry to make sure your home is priced correctly.

Real Estate Agent Outlook,Homes for Sale in Outlook,Houses for Sale in OutlookMarketing
Another very important thing your agent should be doing is marketing your home to the best of their abilities. Make sure that your agent is taking great photographs of your home, and editing them to look the best they can. We can’t expect every agent to be a professional photographer, so if you’re not happy with the agents photos express that to them, and ask that they hire a professional.

Also make sure that your agent has added your listing everywhere on the internet. The listing should be showing up on realtor.ca, their website, their brokerages website, and all over their social media. Most people looking for Houses for Sale in Outlook are going to be using the internet, so those places are key to selling your home.

Real Estate Agent Outlook,Homes for Sale in Outlook,Houses for Sale in OutlookStrong Communication
Unfortunately there are some agents out there that will take on a client, and barely speak with them throughout the home selling process. As you have hired them to represent you in selling your home, you have a right to know everything that is going on. Do this by making sure your agent is communicating with you regularly with everything, especially any feedback they have received regarding your home and any potential sales.

These are just a few things your real estate agent Outlook should be doing for you. For more information about contact your local Real Estate Agent Outlook today!

Tips for preparing Homes for Sale in Outlook this winter


Winter is approaching fast in Outlook SK and some people think they may not be able to sell real estate in the winter months, but that couldn’t be further from the truth. Here is some information on winter in Outlook, and what you can do to prepare your Homes for Sale in Outlook.

Outlook SK Winter Weather
The winter season can last for 6 months, from October to March, with an average daily high temperature below 0°C. The coldest month of the year is normally January, with an average low of -18°C.

Here are some tips on what you can do to prepare your home for sale in the Outlook this winter.

Real Estate Agent Outlook,Homes for Sale in Outlook,Houses for Sale in OutlookSnow Shoveling and De-Icing
The amount of snowfall in Outlook can be quite heavy, so it is important to take these steps to make the outside of your home appealing for potential buyers. You will want to make sure to shovel the driveway and all walkways. Also make sure to de-ice them as well as the compact snow can take into thick sheets of ice. Lastly, the roof of your home can accumulate a lot of snow with our heavy snow falls, so make sure to clear the snow off the roof.

Real Estate Agent Outlook,Homes for Sale in Outlook,Houses for Sale in OutlookBrighten up the place
With the dark and cloudy days that come in the winter months, it is important to keep it bright inside and out. Make sure to turn on all exterior and interior lights in your home. You want to make sure anyone viewing your home is getting the best look possible.

Real Estate Agent Outlook,Homes for Sale in Outlook,Houses for Sale in OutlookKeep it warm & cozy
With the temperature dropping well below freezing, it is important to keep your home warm and inviting for potential buyers. When they come out of the cold and into your home, they will want to warm up immediately, so make sure the furnace and fireplace is turned on well before they arrive. Buyers tend to stick around longer if they feel warm and comfortable.

These are just a few quick tips for preparing Homes for Sale in Outlook this winter. For more information about contact your local Real Estate Agent Outlook today!

Preparing your Homes for Sale in Outlook this fall


The fall is now here in Outlook Saskatchewan, which means if you’re looking to sell your home, you’ve got some work to do! Here are a few tips on what you’ll need to do to get your home ready.

Real Estate Agent Outlook, Homes for Sale in Outlook, Houses for Sale in Outlook, Houses for sale in Outlook SK, Real Estate Outlook SK.Yard Cleanup
Everyone loves fall for the change in atmosphere and the beautiful colors on the leaves, but unfortunately to potential buyers, this will just make your yard look messy. You will need to make sure you stay on top of the fallen leaves and make sure they are raked and properly stored away. Also trim those trees or bushes near windows, so that the view from the windows is not blocked.

 

Real Estate Agent Outlook, Homes for Sale in Outlook, Houses for Sale in Outlook, Houses for sale in Outlook SK, Real Estate Outlook SK.Make those windows sparkle
The dry summer mixed with wind can create a lot of dirt and dust on your windows. Buyers will notice this when looking out the windows, and you want their experience to be as good as it can be. So make sure you clean those windows so well that they won’t even be able to notice the glass there.

 

 

Real Estate Agent Outlook, Homes for Sale in Outlook, Houses for Sale in Outlook, Houses for sale in Outlook SK, Real Estate Outlook SK.Chimney Sweeping
Chimneys can accumulate a lot of dust from not being used through the summer. You will want to make sure you clean the chimney thoroughly bef

ore use in the fall. It may be wise to hire a professional.

 

 

Real Estate Agent Outlook, Homes for Sale in Outlook, Houses for Sale in Outlook, Houses for sale in Outlook SK, Real Estate Outlook SK.Set the Mood
As per our last point, setting the mood for a cold autumn day can really help to keep the viewer happy while viewing your home, and make them want to stick around longer. Light up the fire place, as well as some nice scented candles with a nice autumn smell.

 

 

These are just a few tips for preparing your Homes for Sale in Outlook this fall. For more information contact and more tips contact RE/MAX Shoreline today!

Looking to Invest in Outlook and Lake Diefenbaker area Real Estate?


Are you interested in investing in Real Estate in Outlook and the Lake Diefenbaker area? Here is some information about the area you may find useful before the move.

Real Estate Agent Outlook, Homes for Sale in Outlook, Houses for Sale in Outlook, Houses for sale in Outlook SK, Real Estate Outlook SK.Outlook is located on the banks of the South Saskatchewan River, only a short drive from Lake Diefenbaker, and less than an hour from the city of Saskatoon.

Safe, affordable, friendly, community boasting amenities makes Outlook the perfect place to raise a family or settle in for your retirement.

Outlook & District Regional Park is situated along the South Saskatchewan River. It has 50 electrified campsites, an outdoor heated junior size Olympic swimming pool and paddling pool for toddlers, hiking trails and the 9-hole Riverview Golf Course.

Real Estate Agent Outlook, Homes for Sale in Outlook, Houses for Sale in Outlook, Houses for sale in Outlook SK, Real Estate Outlook SK.The Skytrail Bridge is an old railway bridge, converted for pedestrian use; it is 3000 feet long and stands 156 ft above the South Saskatchewan River.

Lake Diefenbaker is 225 km long with 800 km of incredible shoreline. There are a number of destination areas here and different attractions in the communities that surround them.

Three Provincial Parks and various Regional park are located on the shores of Lake Diefenbaker: Danielson Provincial Park, Douglas Provincial Park, Saskatchewan Landing Provincial Park and Palliser Regional Park, among others.

For more information about Outlook and the Lake Diefenbaker and your real estate needs, contact RE/MAX Shoreline Realty today!

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.

The number of homes trading hands via Canadian MLS® Systems fell by 1.3 percent month-over-month in July 2016. With similar monthly declines having been posted in May and June, national sales activity in July came in 3.9 percent below the record set in April 2016.

Sales activity was down from the previous month in slightly more than half of all markets in July, led by Greater Vancouver and the Fraser Valley. Transactions in these two markets peaked in February of this year, and have since then dropped by 21.5 and 28.8 percent respectively. Accordingly, much of the national sales decline in recent months reflects slowing activity in B.C.’s Lower Mainland.

“National sales and price trends continue to be heavily influenced by a handful of places in Ontario and British Columbia and mask significant variations in local housing market trends and conditions across Canada,” said CREA President Cliff Iverson. “All real estate is local, and REALTORS® remain your best source for information about sales, listing and price trends where you live or might like to in the future.”

“Home sales continued to trend lower while price gains further accelerated in the Lower Mainland of British Columbia,” said Gregory Klump, CREA’s Chief Economist. “This suggests that sales are being reined in by a lack of inventory and a further deterioration in affordability. The new 15 per cent property transfer tax on Metro Vancouver home purchases by foreign buyers took effect on August 2nd, so it will take some time before the effect of the new tax on sales and prices can be observed. That said, the new tax will do little in the short term to increase the supply of homes.”

Actual (not seasonally adjusted) sales activity was down 2.9 percent year-over-year (y-o-y) in July 2016, marking the first y-o-y decline since January 2015 and the largest since April 2013. In line with softening activity in the Lower Mainland, y-o-y increases have been losing momentum since February 2016. Sales were down from levels one year earlier in about 60 percent of all Canadian markets, led by Greater Vancouver, the Fraser Valley, Calgary and Edmonton.

The number of newly listed homes rose by 1.2 percent in July 2016 compared to June. While new supply climbed in fewer than half of all local markets, increases in Greater Vancouver and the Fraser Valley, Greater Toronto, Calgary and Edmonton outweighed declines in smaller markets.

With sales down and new listings up, the national sales-to-new listings ratio eased to 61.6 percent in July 2016 – its second monthly decline following its peak of 65.3 percent in May. A sales-to-new listings ratio between 40 and 60 percent is generally consistent with balanced housing market conditions, with readings below and above this range indicating buyers’ and sellers’ markets respectively.

The ratio was above 60 percent in about half of all local housing markets in July, virtually all of which continue to be located in British Columbia, in and around the Greater Toronto Area and across Southwestern Ontario.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 4.6 months of inventory on a national basis at the end of July 2016. This is unchanged from readings in each of the previous two months and continues to indicate a tight balance between supply and demand for homes.

The number of months of inventory has trended lower since early 2015, reflecting increasingly tighter housing markets in B.C. and Ontario. It currently sits near or below two months in a number of local markets in British Columbia and in and around the GTA. Indeed, some regions in the GTA are down to just a couple of weeks of inventory.

The Aggregate Composite MLS® HPI rose by 14.3 percent y-o-y in July 2016, the biggest gain since November 2006.

For the sixth consecutive month, y-o-y price growth accelerated for all Benchmark property types tracked by the index.

Two-storey single family home prices continued to post the biggest y-o-y gain (+15.9 percent), followed by townhouse/row units (+15.3 percent), one-storey single family homes (+14.3 percent), and apartment units (+11.1 percent).

While prices in 9 of the 11 markets tracked by the MLS® HPI posted y-o-y gains in July, increases continue to vary widely among housing markets.

Greater Vancouver (+32.6 percent) and the Fraser Valley (+37.6 percent) posted the largest y-o-y gains by a wide margin, followed by Greater Toronto (+16.7 percent), Victoria (+17.5 percent) and Vancouver Island (+11.6 percent). By contrast, prices were down -4.2 percent and -1.5 percent y-o-y in Calgary and Saskatoon respectively.

Home prices rose modestly in Regina (+2.7 percent y-o-y), Greater Montreal (+1.8 percent y-o-y) and Ottawa (+1.1 percent y-o-y). Greater Moncton recorded its largest y-o-y home price increase (+8.4 percent) among an unbroken string of gains posted every month over the past year.

The MLS® Home Price Index (MLS® HPI) provides a the best way of gauging price trends because average price trends are prone to being distorted by changes in the mix of sales activity from one month to the next.

The national average price continues to be pulled upward by sales activity in Greater Vancouver and Greater Toronto, which remain two of Canada’s tightest, most active and expensive housing markets. The actual (not seasonally adjusted) national average price for homes sold in July 2016 was $480,743, up 9.9 percent y-o-y.

If these two housing markets are excluded from calculations, the average price is a more modest $365,033 and the gain is trimmed to 7.0 percent y-o-y.

Even then, this reflects a tug of war between strong average price gains in housing markets around the GTA and in British Columbia versus flat or declining average prices elsewhere in Canada. The average price for Canada net of sales in British Columbia and Ontario in July 2016 edged down 0.2 percent y-o-y to $310,905. The year-over-year percentage change in the national average price excluding B.C. and Ontario sales has now been in negative territory for 20 consecutive months.

– 30 –

PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 115,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://www.crea.ca/statistics.

For more information, please contact:
Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca

Canadian home sales decline further in June


Ottawa, ON, July 15, 2016 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales declined further in June 2016.

Highlights:

  • National home sales fell 0.9% from May to June.
  • Actual (not seasonally adjusted) activity came in 5.2% above June 2015.
  • The number of newly listed homes rose 2.2% from May to June.
  • The MLS® Home Price Index (HPI) rose 13.6% year-over-year in June.
  • The national average sale price climbed 11.2% in June from one year ago; net of Greater Toronto and Greater Vancouver, it advanced 8.4% year-over-year.

The number of homes trading hands via Canadian MLS® Systems fell by 0.9 percent month-over-month in June 2016. Monthly declines in each of the past two months have left sales activity 2.6 percent below the record set in April 2016.

Sales activity was down from the previous month in about half of all markets in June, with declines in Greater Vancouver, the Fraser Valley and Greater Toronto having eclipsed gains in comparatively less active housing markets.

“While national sales activity remains strong, there are still significant differences in housing market trends across Canada,” said CREA President Cliff Iverson. “While home sales activity and price growth are running strong in B.C. and Ontario, they remain subdued in other markets where homebuyers are cautious and uncertain about the outlook for their local economy,” he added. “All real estate is local, and REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.”

“June sales extended trends observed the previous month,” said Gregory Klump, CREA’s Chief Economist. “As was the case in May, the monthly decline in national sales activity was led by the Lower Mainland of British Columbia and markets in or around the GTA. In keeping with the law of supply and demand, exceptionally low inventory combined with high demand continues to translate into strong price growth in these housing markets, where year-over-year price gains have been running in double-digit territory since late last year.”

Actual (not seasonally adjusted) sales activity was up 5.2 percent year-over-year (y-o-y) in June 2016. Year-over-year increases have been steadily losing momentum since February 2016.

The number of newly listed homes rose by 2.2 percent in June 2016 compared to May. New supply climbed among a broad majority of all local markets, led by Greater Toronto, Oakville-Milton, Montreal, Quebec City, and B.C.’s Fraser Valley. The return of activity in Fort McMurray following its evacuation in May also contributed to the national increase in new listings.

With sales down and new listings up, the national sales-to-new listings ratio eased to 63.3 percent in June 2016, compared to 65.3 percent in May. A sales-to-new listings ratio between 40 and 60 percent is generally consistent with balanced housing market conditions, with readings below and above this range indicating buyers’ and sellers’ markets respectively.

The ratio was above 60 percent in about half of all local housing markets in June, virtually all of which are located in British Columbia, in and around Toronto and across Southwestern Ontario.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 4.6 months of inventory on a national basis at the end of June 2016, which is unchanged from May’s reading and the lowest level in more than six years. The number of months of inventory has been trending lower since early 2015, reflecting increasingly tighter housing markets in B.C. and Ontario. It currently sits near or below two months in a number of local markets in British Columbia, the GTA and environs and Southwestern Ontario.

The Aggregate Composite MLS® Benchmark price rose by 13.6 percent y-o-y to $564,700 in June 2016, the biggest gain since December 2006.

For the fifth consecutive month, y-o-y price growth accelerated for all Benchmark property types tracked by the index.

Two-storey single family home prices continued to post the biggest y-o-y gain (+15.5 percent), followed by one-storey single family homes (+14.0 percent), townhouse/row units (+13.6 percent), and apartment units (+9.8 percent).

While prices in 9 of the 11 markets tracked by the MLS® HPI posted y-o-y gains in June, price growth continues to vary widely among housing markets.

Greater Vancouver (+32.1 percent) and the Fraser Valley (+35.5 percent) posted the largest y-o-y gains, followed by Greater Toronto (+16.0 percent), Victoria (+15.7 percent), and Vancouver Island (+10.6 percent). By contrast, prices were down -4.1 percent and -1.4 percent y-o-y in Calgary and Saskatoon, respectively.

Home prices gained further traction in Regina (+3.6 percent y-o-y), Greater Montreal (+1.9 percent y-o-y), and Ottawa (+1.0 percent y-o-y). Home prices in Greater Moncton recorded their eleventh consecutive year-over-year gain, rising 7.9 percent.

The MLS® Home Price Index (MLS® HPI) provides the best way of gauging price trends because average price trends are prone to being distorted by changes in the mix of sales activity from one month to the next.

The national average price continues to be pulled upward by sales activity in Greater Vancouver and Greater Toronto, which remain two of Canada’s tightest, most active and expensive housing markets. The actual (not seasonally adjusted) national average price for homes sold in June 2016 was $503,301, up 11.2 percent y-o-y.

If these two housing markets are excluded from calculations, the average price is a more modest $374,760 and the gain is trimmed to 8.4 percent y-o-y.

– 30 –

PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 115,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://www.crea.ca/statistics.

For more information, please contact:

Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca

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.

However, the Bank again reduced its annual forecast for Canadian economic growth in light “a weaker outlook for business investment and a lower profile for exports reflecting a downward adjustment to US investment spending”. It also recognized how recent economic growth was reduced by the Alberta wildfires; however, it expects Canadian economic growth will pick up in the third quarter as oil production resumes.

The Bank also recognized that inflation has recently been running slightly higher than it previously expected but noted that inflation “is still in the lower half of the Bank’s inflation-control range”. It expects that the increase in inflation due to past weakness in the Canadian dollar will be temporary and will “dissipate in late 2016”.

While the Bank judges that “the risks to the profile for inflation are roughly balanced”, it expressed concerns about “the implications of the Brexit vote”, which it described as being “highly uncertain and difficult to forecast.” Its implications may ultimately result in the need to lower interest rates. However, lower interest rates would also likely further raise concerns the Bank has about Canadians’ “financial vulnerabilities [which] are elevated and rising, particularly in the greater Vancouver and Toronto areas.”

With all of these factors in mind, there is nothing in the Bank’s latest policy interest rate announcement to suggest that it will begin to raise interest rates until well into 2017 at the earliest.

As of July 13th, 2016, the advertised five-year lending rate stood at 4.74 per cent, up 0.1 from both the previous Bank rate announcement on May 25th and from one year ago.

The next interest rate announcement will be on September 7th, 2016, with the next update to the Monetary Policy Report to be released on October 19th, 2016.

Canadian home sales drop in May following April’s record


Ottawa, ON, June 15, 2016 According to statistics released today by The Canadian Real Estate Association (CREA), national home sales dropped in May 2016 after having set an all-time monthly record in April.

Highlights:

  • National home sales dropped 2.8% from April to May.
  • Actual (not seasonally adjusted) activity was up 9.6% compared to May 2015.
  • The number of newly listed homes fell 3.2% from April to May.
  • The MLS® Home Price Index (HPI) rose 12.5% year-over-year in May.
  • The national average sale price climbed 13.2% in May from one year ago; net of Greater Toronto and Greater Vancouver, it advanced 9.1% year-over-year.

The number of homes trading hands via Canadian MLS® Systems fell by 2.8 percent month-over-month in May 2016 after having broken all previous monthly sales records in April.

Sales activity dropped in May from the previous month in about 70 percent of all markets, led by those in British Columbia and Ontario where the number of homes listed for sale has fallen to multi-year or all-time lows.

“National sales activity is still strong, even after coming off the record levels of the past couple of months,” said CREA President Cliff Iverson. “But, there are housing markets where sales continue to reflect a cautious mood among homebuyers and uncertainty about the local economy,” he added. “All real estate is local, and REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.”

“Many of the housing markets in BC and Ontario that led the monthly decline in national sales are also places where months of inventory have fallen to all-time lows,” said Gregory Klump, CREA’s Chief Economist. “This suggests a lack of supply may be starting to rein in sales amid a continuation of strong housing demand.”

Actual (not seasonally adjusted) sales activity was up 9.6 percent year-over-year in May 2016 and stood 15.1 percent above the 10-year average for the month of May.

The number of newly listed homes fell by 3.2 percent in May 2016 compared to April. New supply was down in about two-thirds of all local markets, led by the Fraser Valley, Victoria, Edmonton, Montreal and Quebec City.

The national sales-to-new listings ratio edged up to 64.8 percent in May 2016 – the ratio’s tightest reading since October 2009. A sales-to-new listings ratio between 40 and 60 percent is generally consistent with balanced housing market conditions, with readings below and above this range indicating buyers’ and sellers’ markets respectively.

The ratio was above 60 percent in about half of all local housing markets in May, virtually all of which are located in British Columbia, in addition to housing markets in and around Toronto and across Southwestern Ontario.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 4.7 months of inventory on a national basis at the end of May 2016, which is unchanged from April’s reading and the lowest level in more than six years. Months of inventory have been trending lower since early 2015, reflecting increasingly tighter housing markets in B.C. and Ontario. It currently sits at or below two months in a growing number of local markets in British Columbia, the GTA and environs and in Southwestern Ontario.

The Aggregate Composite MLS® HPI rose by 12.5 percent on a year-over-year basis in May 2016, the biggest gain since February 2007.

For the fourth consecutive month, year-over-year price growth accelerated for all Benchmark property types tracked by the index.

Two-storey single family home prices continued to post the biggest year-over-year gain (+14.7 percent), followed by one storey single family homes (+12.7 percent), townhouse/row units (+11.6 percent), and apartment units (+8.6 percent).

While 9 of the 11 markets tracked by the MLS® HPI posted year-over-year price gains in May, price growth among housing markets continues to vary widely.

Greater Vancouver (+29.7 percent) and the Fraser Valley (+31.7 percent) posted the largest gains, followed by Greater Toronto (+15.0 percent), Victoria (+13.9 percent), and Vancouver Island (+9.5 percent). By contrast, prices fell by -3.9 percent and -2.3 percent in Calgary and Saskatoon respectively.

Year-over-year price growth advanced further into positive territory in Regina (+3.4 percent) and strengthened further in Ottawa (+1.3 percent) and Greater Montreal (+1.9 percent). Home prices in Greater Moncton recorded their tenth consecutive year-over-year gain, rising 8.2 percent from where they stood one year earlier.

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because average price is prone to being distorted by changes in the mix of sales activity.

The national average price continues to be pulled upward by sales activity in Greater Vancouver and Greater Toronto, which remain two of Canada’s tightest, most active and expensive housing markets. The actual (not seasonally adjusted) national average price for homes sold in May 2016 was $509,460, up 13.2 percent on a year-over-year basis.

If these two housing markets are excluded from calculations, the average price is a more modest $375,532 and the year-over-year gain is trimmed to 9.1 percent.

Even then, this reflects a tug of war between strong average price gains in housing markets around the GTA and in British Columbia versus flat or declining average prices elsewhere in Canada. The average price for Canada net of sales in British Columbia and Ontario in May 2016 was down 0.7 percent year-over-year to $310,007.

All figures in this release except price measures are seasonally adjusted unless otherwise noted. Removing normal seasonal variations enables meaningful analysis of monthly changes and fundamental trends.

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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 115,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://www.crea.ca/statistics.

For more information, please contact:

Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca

 

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