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A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!

Tuesday, March 20, 2018

Canadian housing price index falls for the 4th time in 6 months

Multiple factors including new mortgage rules and increasing interest rates made themselves felt in the Canadian housing market in February as prices declined in 7 out of 11 major cities nationwide, including Toronto.

The Teranet-National Bank house price index fell by 0.1% last month. National Bank senior economist Marc Pinsonneault noted that this represented the 4th time in half a year it has decreased, falling a total of 1.9% over the past 6 months.

Pinsonneault emphasized that while the February index was still up 7.5% from a year ago, momentum is noticeably weakening as January’s year-on-year figure had been up 8.7%.

“The renewed decline in house prices in February suggests that the housing market is in a price correction,” Capital Economist senior economist David Madani said, as quoted by The Huffington Post. “Tougher mortgage rules and recent increases in interest rates have negatively impacted home sales and this will continue to depress prices.”

According to Pinsonneault, Toronto has entered “balanced territory,” with 3 months’ worth of supply available on the market – a stark contrast from red-hot conditions a year ago, with some neighbourhoods having only 10 or 15 days of housing supply.

Observers warned that the city might suffer from a prolonged correction in its housing market.

“All told, a long period of stagnation for GTA single-detached home prices might be setting in,” Bank of Montreal senior economist Robert Kavcic wrote in a recent client note. “We're pushing the latter stages of the cycle, so while the policy-induced correction will likely run its course, a more typical cyclical downturn possibly lies not too far ahead.”

Meanwhile, even though Vancouver’s price index saw increases in February, Pinsonneault cautioned that the trend is unlikely to last. Latest data from the city’s real estate board supported this projection: Vancouver single-family home sales fell 39.4% year-over-year in February, while condos experienced a 7.1% decline in the same time frame.

“Therefore home price pressures may fade out in that area over the next few months, even if for the moment the home resale market remains tight,” Pinsonneault wrote in a client note.

MBN

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