This Month in Real Estate - February 2017
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.
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.
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.
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.
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.