November Sales Slide into Old Patters!
November was the first full month with CMHC’s new lending rules in effect. As suspected the gains in last month’s sales were temporary. Stringent conditions for borrowers are converging with the current economic climate and weighing on demand. While supply levels eased in November the decline in sales resulted in a slight rise in months’ supply which caused the benchmark prices to reduce even further.
Again it can’t be overstated how important it is for housing consumers to keep asking questions and drilling down on what’s happening in their specific area to make good real estate decisions in any market.
The detached benchmark price for November is $498,300 a decrease of 3.36 % year-over-year. The…