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This Month in Real Estate - February 2017

2017-02-14
By: Wayne Clements

February 2017 Market Update

The housing market rebounded in December recovering from a signficant drop in November due to tightening inventory levels and new government regulations regarding mortgages.  Despite these constraints, 2016 set a new annual record in home sales, according to The Canadian Real Estate Association.

Interest Rates

Average mortage rates in Decmeber remained well below the historical average of 9.78 percent. 1-year fixed rates remained at 3.14 percent, 3-year fixed rates were 3.39 percent and 5-year fixed rates were flat at 4.64 percent.

Mortgage Rates
Mortgage Type Rate
1-Year Mortgage 3.14%
3-Year Mortgage 3.39%
5-Year Mortgage 4.64%
Historical Average 9.78%

 

Home Sales

A seasonally adjusted 43,755 homes were sold in December, which was up 2.2 percent from November and up 0.1 percent from December of the previous year.  2016 outpaced 2015 by approximately 31,954 home sales.

Home Price

The median home price was $470,661 in December which was a decrease of 3.8 percent from November and a 3.6 percent increase from December of last year.  The median home price has increased by approximately $16,274 in the past year.

Inventory

The sales-to-new-listings ratio increased to 63.5 percent in December, while a seasonally adjusted 68,912 new listings came on the market.  This ratio could indicate a seller's market in the majority of regions.

Cheers!

Wayne

 

Brought to you by KW Research.  You should not treat any opinion expressed in This Month in Real Estate as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion.  All information presented herein is intended and should be used for educational purposes only.  Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision.  Keller Williams Realty, Inc. will not be liable for any loss or damage caused by your reliance on information contained in This Month in Real Estate.
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