Monthly Market Statistics Update
REALTORS® From Across Canada Urge Governments to Reduce Costs and Remove Barriers to Home Ownership
September 12, 2019
REALTOR® associations from Canada’s largest real estate markets are calling on all levels of government to take meaningful action to make home ownership more accessible to people across the country.
With a federal election on October 21, the Toronto, Calgary and Vancouver real estate boards, together with the Quebec Professional Association of Real Estate Brokers, the REALTORS® Association of Edmonton and the Nova Scotia Association of REALTORS® are urging the federal political parties to commit to policies that will help remove barriers and reduce the cost of home ownership.
These organizations are asking the federal political parties to adopt the following housing affordability recommendations:
- Revise the Office of the Superintendent of Financial Institution’s (OSFI) mortgage stress test to take into account its impact on different real estate markets across the country. The federal government should view the stress test as a flexible policy and adjust it based on changing economic trends and interest rates.
- Replace the $750 First-Time Home Buyers Tax Credit with a $2,500 non-refundable tax credit for first-time home buyers.
- Reintroduce 30-year mortgage amortizations.
- Consider regional differences when implementing nation-wide measures that affect home buyers.
With housing affordability and supply a top-of-mind issue for Canadians, REALTORS® across the country want to work with federal, provincial and municipal governments to increase home ownership in Canada. There is too much regulation, at all levels of government, focused on curbing demand and providing “one-size-fits-all” solutions that do not take local market conditions into account.
“Home ownership is a key component of the national economic fabric and its role in creating economic diversity cannot be overlooked. To help Canadians, the real estate market must have liquidity, but the federal government’s anti-homeownership policies have made it difficult for millennials to purchase their first home, difficult for families to upsize or downsize as their needs change and difficult for seniors to exit the market. For example, the mortgage stress test, implemented as national policy with total disregard for regional differences, has had a significant downward impact on the price point at which buyers can qualify and purchase. This has lowered prices and stolen equity from homeowners. Home equity is a substantial asset for many Canadians, and this equity will not be easily or quickly rebuilt,” said Michael Brodrick, Chair, REALTORS® Association of Edmonton.
MLS® Listings Down, Condo Prices Up Slightly
Edmonton, December 3, 2019: Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for the month of November 2019 are virtually unchanged compared to November 2018’s 1,334 sales and decreased 17.47% from October 2019. The number of new residential listings is down, dropping 12.59% from November 2018. Overall inventory in the Edmonton CMA fell 9.31% from November of last year.
For the month of November, single family home unit sales are down 5.82% and condo unit sales increased 12.50% from the same period of time last year.
All residential average prices are down slightly at $353,838, a 2.32% decrease from November 2018, and are virtually unchanged from October 2019. Single family homes sold for an average of $420,650, a 0.24% year-over-year increase from November 2018, and flat at a 0.07% decrease from October 2019. Condominiums sold for an average of $228,113, a 3.37% increase year-over-year, prices are similar to the previous month, up 0.14%. Duplex prices dropped 7.99% from November 2018, selling at $322,330, which was a 2.02% decrease from the previous month.
“The Edmonton market prices remain stable with a decrease in year-over-year residential listings,” says REALTORS® Association of Edmonton Chair Michael Brodrick. “There are about 260 fewer listings than we had in November of last year, and single family home pricing increased 0.24%, duplexes are down 7.99%, and condos are up 3.37% year-over-year.”
Single family homes averaged 64 days on the market, a two-day decrease from last year. Condos also spent two days less on the market, from 80 to 78 days, while duplexes averaged 64 days on market, a six day decrease from November 2018. Overall, all residential listings averaged 69 days on market, a 1.43% decrease year-over-year, and increased by four days from the previous month.
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