Canadian home sales drop 6.5% in February — lowest in nearly 5 years: CREA

Canada’s housing market saw another so-called payback sales drop in February, when the national average home price slumped by five percent from a year ago, after a surge in sales late last year from homebuyers looking to purchase ahead of this year’s new mortgage rules.

The latest monthly figures from the Canadian Real Estate Association showed that sales volume was down 16.9 percent in February compared with a year ago, and down 6.5 percent compared with January.

February’s home sales decline marked the second consecutive month-over-month decline and the lowest reading in nearly five years, the national association said. 

Check here for more details.

B.C.’s real estate ‘speculation tax’ will reserve homes for the ultra rich

British Columbia has long had rent control. That policy always discourages the construction of rental units as it limits the return on investment, which, in turn, squeezes supply, even condominiums bought by potential individual landlords. Such controls also produce slums as landlords have little incentive to fix up or improve units beyond the bare legal minimum. This ultimately harms renters by producing artificial shortages and a degraded housing stock.

Check here for more details.

Picture: Eugene Aikimov



Davisville Village Home Sales Statistics for February 2018

Leaside & Bennington Heights Home Sales Statistics for February 2018

Moore Park Home Sales Statistics for February 2018

Chaplin Estates Home Sales Statistics for February 2018

Rosedale Home Sales Statistics for February 2018

Lawrence Park Home Sales Statistics for February 2018



Find out what your home is worth here!

Jethro Seymour, Toronto Real Estate Broker.  Search Toronto's live MLS listing here.