Monthly Market Stats - September 2018

By: Mike Mossuto

Monthly Market Stats - September 2018

Tags: Stats, Buying Selling, Real Estate, Homes, Hamilton, Burlington, Toronto

 

Canadian Home Sales Activity Edges Lower in September

"The balance between the number of home buyers and suitable homes varies depending on location, housing type, and price range," said CREA President Barb Sukkau. "Differences in market balance will likely come into sharper focus as interest rates rise and cause this year's new mortgage stress-test to become even more restrictive. A professional realtor is your best source for information and guidance in negotiating a purchase or sale of a home during these changing times," said Sukkau.

"Sales activity may get all the press but it's the balance between that and the number of homes for sale that sets the tone for pricing environment," said Gregory Klump, CREA's Chief Economist. "In markets with an abundant supply of homes and slower sales activity, buyers have the upper hand when it comes to negotiations over price. However, in places where buyers are keen to make a purchase but there's a shortage of homes for sale, sellers are in the driver's seat when it comes to price. It will be interesting to see how supply and demand respond to rising interest rates amid this year's new mortgage stress-test."

If you have any questions, or concerns, about today's market, contact me today!

Mike Mossuto
Sales Representative
Keller Williams Complete Realty
mike@mikemossuto.com
905-929-3473


(All information taken from CREA National Statistics)