NATIONAL ― Housing sales were up 1.8% from October to November, reaching their highest level in six years, reports the Canadian Real Estate Association (CREA). Actual (not seasonally adjusted) sales rose 10.9% on a year-over-year basis compared to November 2014. The national average sale price of a home rose 10.2% on a year over year basis in November; excluding Greater Vancouver and Greater Toronto, it increased by 3.4%. While sales were up sharply in the Vancouver and Toronto markets, they were down in the Calgary market.
CREA suggests that new mortgage rules coming into effect in February 2016 may be spurring some of the activity: minimum down payments will be going up for homes that sell for more than half a million dollars, so larger more expensive housing markets will be affected most.
