Sales numbers misleading

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February 23, 2016 11:07 AM

Canadian home sales were on the rebound in January according to the Canadian Real Estate Association (CREA), but that might be a tad misleading for those in most jurisdictions.
A statement put out by CREA said national home sales were up 0.5 per cent from December to January, but if you ask Michael Dewing, president of the Realtors Association of Lloydminster and District, this doesn’t mean much unless you live in Vancouver or Toronto.
“Nationally, if you take out Vancouver and Toronto, it was significantly less than that and those are the two markets that seem to be fairing well in this environment,” Dewing said.
British Columbia and Ontario in general are driving up the national average, but when looking at sales in Saskatchewan and Alberta, there hasn’t been much of a change.
In fact, Dewing said Saskatoon is “fairly stable”, Regina is reporting a decrease in home sales and Lloydminster is down about one per cent month-over-month.
“December we would have said we dropped about one per cent in pricing to January,” he said.
“Now one per cent isn’t a whole lot when you’re talking about $350,000 house. It goes down to $347,000, but it’s still a per cent.”
CREA’s statement also said the number of newly listed homes in Canada was down 4.9 per cent during the same one month period, but again, this didn’t show in the Border City.
Dewing said the number of newly listed homes actually doubled from December to January, another indication that the national average isn’t equally spread out across the nation.
But that doesn’t mean bad news for everyone as Lloydminster is still firmly in a buyer’s market, so people looking to purchase a new home have a great advantage right now.
“There are some opportunities out there; the interest rates are holding and the prices are getting in at a good dollar,” said Dewing.
“So you can buy a house for cheaper and get in at a good interest rate — you’re winning all around if you’re a buyer in this market.”

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