According to the Canadian Real Estate Association (CREA), monthly home sales were down 19 per cent in December 2018 compared to the same month of last year and stood almost 12% below the 10-year average for the month of December.
“What a difference a year makes,” said CREA President Barb Sukkau. “Sales trends were pushed higher in December 2017 by home buyers rushing to purchase before the new federal mortgage stress-test took effect at the beginning of 2018. Since then, the stress-test has weighed on sales to varying degrees in all Canadian housing markets and it will continue to do so this year.
British Columbia (-39.0 per cent), Alberta (-21.3 per cent) and Ontario (-18 per cent) registered a significant drop in sales compared to December of last year, while Québec (+1.5 per cent) showed an increase.
The average price for all residential properties sold in Canada in December 2018 was just over $472,000, down 4.9 per cent from the same month last year. Excluding the Greater Vancouver and Greater Toronto markets, the two most active and expensive markets in Canada, the national average price drops to just under $375,000.
To learn more : CREA’s official press release