{"id":547,"date":"2019-01-22T03:16:00","date_gmt":"2019-01-22T03:16:00","guid":{"rendered":"https:\/\/www.realestateleads.ca\/blog\/?p=547"},"modified":"2023-09-27T00:35:43","modified_gmt":"2023-09-27T00:35:43","slug":"real-estate-sales-drop-hard-across-country","status":"publish","type":"post","link":"https:\/\/www.realestateleads.ca\/blog\/real-estate-sales-drop-hard-across-country\/","title":{"rendered":"Real Estate Sales Drop Hard Across Country"},"content":{"rendered":"
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\"\"<\/a>Your take on the recent trend of cooling Canadian real estate sales will depend on who you are in the real estate market. If you\u2019re an owner or an investor with funds in real estate, you likely won\u2019t see it very favourably. Alternately, if you\u2019re a home buyer \u2013 and in particular a first-time homebuyer, the recent news that sales dropped to a new multi-year low last month to close out 2018 will be cautiously promising.<\/p>\n

As a real estate agent, of course, any downturn in the market isn\u2019t what you want to be hearing. Fewer sales equates to less business to go around for the ever-greater numbers of licensed realtors in the business. Situations like this make being able identify, impress, and retain prospective clients increasingly important for a realtor.<\/p>\n

Here at Real Estate Leads<\/a>, our online real estate lead generation system makes it so that you get more out of the first part of that equation, and capable realtors have a way of using the second part to ensure the third and establish long-term clients. The same type of clients who are likely to recommend you to others as well. It\u2019s a positive all around.<\/p>\n

But back to topic, what\u2019s to be made of this trend that continues to see the real estate market in Canada cooling off so significantly?<\/p>\n

Canadian Real Estate Sales Dip Like They Haven\u2019t Since 2012<\/strong><\/h3>\n

Canadian real estate sales indicated one of the worst Decembers in years. A mere 21,909 sales went through the MLS nationwide for December, and this was down 34.24% compared to the month before. This is a 19% decline compared to the same month last year, and sales for the month have only been lower a pair of time over the past 10 years; 2012 and 2008.<\/p>\n

The December numbers and annual growth rates were worth noting. Monthly declines are always seen in December, but this one was the biggest since 2007. What\u2019s more, the annual decline is the third consecutive one to occur here, and the most pronounced one since March 2018. Since February of 2016, the annual growth rate has been trending lower.<\/p>\n

Dec. \u201918: Only a Single Major Canadian Real Estate Market Grew <\/strong><\/h3>\n

The observed market declines were consistent across the board, but a few markets did better than others. Montreal came in at 2,825 sales for December, which was a 2.5% increase compared to the same month 2017. Ottawa had 677 sales, a 12.9% decrease from the previous December. Winnipeg\u2019s number was 495, and also down 14.4% from the same time last year. Facts are facts, and only one major market with more than 500 sales last year grew over the course of 2018.<\/p>\n

Scenario for Canada\u2019s Bigger Urban Centres<\/strong><\/h3>\n

We\u2019ll start with Toronto and Calgary here. Toronto reported 3,781 sales in December, a big decline of 23.3% compared to December last year. Calgary reported 985 sales, a similar biggie at 24.2% down from one year ago. The CREA defines both those declines as middle of the market, however, and relatively speaking.<\/p>\n

Of course, market restrictions in both Toronto and Vancouver can been credited with a large portion of the sales declines seen in Canada\u2019s 2 biggest metropolitan areas. Mortgage stress testing has been a big factor as well, and should continue to be this year as well while the new definition of a \u2018quality buyer\u2019 is still a work in progress.<\/p>\n

The risk of course is looking at those factors in a vacuum, but it\u2019s safe to say that a broader weakness is being observed across the country. The fact that markets not subject to a foreign buyer tax are also seeing weakness in sales supports this understanding.<\/p>\n

There are some that suggest that more Nationally-focused mortgage stress tests would be a good idea, but industry insiders counter that by saying that most markets with declines do not have home prices detached from local incomes (which is the explicit scenario in Vancouver and Toronto). That doesn\u2019t mean prices are fair value, but it does indicate that the stress test has had minimal impacts.<\/p>\n

It remains the way it\u2019s always been in that a typical family in most cities can afford a typical home. The consensus seems to be that it\u2019s primarily households that would be buying \u2018beyond their means\u2019 are the ones being impacted by the restrictions \u2013 and for many of them they might actually be glad for the wake-up call! In conclusion, though, and when we look at this objectively we can see that the impact of rising interest rates, and a contraction in general credit applications are behind the market dips. This happens nearly every time interest rates rise, and they are always moving in one direction or another.<\/p>\n

Sign up with Real Estate Leads here<\/a> and receive a monthly quota of qualified, online-generated buyer and \/ or seller leads delivered to ONLY to you and for your similarly-exclusively served area of any city or town in Canada. It really does wonders for supercharging your prospecting efforts, and if the ever-greater numbers of realtors coming on board are any indication \u2013 it\u2019s definitely effective.<\/p>\n","protected":false},"excerpt":{"rendered":"

Your take on the recent trend of cooling Canadian real estate sales will depend on who you are in the real estate market. If you\u2019re an owner or an investor with funds in real estate, you likely won\u2019t see it very favourably. Alternately, if you\u2019re a home buyer \u2013 and in particular a first-time homebuyer, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[90,104,119],"class_list":["post-547","post","type-post","status-publish","format-standard","hentry","category-general-topics","tag-canadian-real-estate","tag-canadian-real-estate-leads","tag-cheap-canadian-real-estate-leads"],"yoast_head":"\nReal Estate Sales Drop Hard Across Country - Real Estate Leads Blog<\/title>\n<meta name=\"description\" content=\"Real Estate Sales Drop Hard Across Country - Real Estate Leads Blog\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.realestateleads.ca\/blog\/real-estate-sales-drop-hard-across-country\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Real Estate Sales Drop Hard Across Country - 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