According to the CREA the number of homes listed for sale has dropped by three per cent from November to December of 2016. Meanwhile the national average sale price has risen 3.5 % in December in comparison to last year. On a yearly basis, home sales were down five per cent last month compared to December 2015. Due to the new rule changes in qualifying for a mortgage that were brought forth late last year, it definitely looks like it may slow down the market. “Home sales are unlikely to benefit the Canadian economy as much in 2017 as they did in 2016,” CREA’s chief economist Gregory Klump stated.” However there is still plenty of business and activity in the market as home sales rebound in the month of December compared to a large drop that occurred in November of 2016. We have yet to see how the market will do for 2017 compared to 2016, but it looks like business as usual.
For more details on rule changes and how to obtain a mortgage please contact me today.
Robert Clancy, AMP,
VERICO Safebridge Mortgage Solutions