The housing market is becoming increasingly tough for prospective buyers, who are competing with more buyers for fewer properties. This can lead to price increases, bidding wars and pressure to leave out conditions in offers.
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Here’s a quick summary of the latest findings which look at the impact of the stress test on home sales and the price of homes over the past year as well as the current state of awareness among customers.
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The Canadian Real Estate Association (CREA) reported this month that national home sales fell by nearly 9% from January to February. 75% of local markets, including major cities, recorded fewer transactions. This is not the first time a steep month on month decline has been reported. In January 2018, home sales dropped when the mortgage stress test came into effect.
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