Despite the stress test, Canadian home sales are returning to healthy levels, according to the monthly report from the Canadian Real Estate Association. In July 2019, national home sales increased for the fifth consecutive month.
Though it seemed like the housing market was heating up last spring, on a national level, activity was a bit less exciting, according to the latest monthly report from the Candian Real Estate Association.
The Canadian Real Estate Association released its housing figures for last month, reporting that sales on a national level increased 3.6% month-over-month, based on transactions reported through Canadian MLS systems.
With home prices climbing stratospherically over the last five years and a mortgage stress test now in place, homebuyers are seeing their purchasing power chopped more than ever - especially young families and first-time buyers.