Feb 15, 2019

By Bob Komsic

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 Residential sales last month were down 4% nationally from January 2018.

The Canadian Real Estate Association says 23,968 transactions made for the weakest January since 2015.
CREA, which represents 125,000 realtors, says sales were higher last month than in December.
The association says new stress-test rules, which went into effect last year, poured cold water on the market resulting in a sales slump that continues.
”Homebuyers are still adapting to tightened mortgage regulations,” said CREA president Barb Sukkau.
Prices have also dropped in many markets.
The national average price for all types of homes sold in January was $455,000, down 5.5% from the same time last year – the largest year-over-year decline for one month since May 2018.
The MLS house price index, which adjusts for different types of homes, was up 0.8% last month compared to the year before, the smallest increase since June 2018.
The index for the GTA was up 2.7%.
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