Canada's largest real estate board is calling on Ottawa to revisit whether a stricter mortgage stress test introduced last year is still needed, arguing that the policy has negatively impacted the economy and Toronto's once red-hot housing market.
Home sales across the Greater Toronto Area fell nearly 15 per cent in November, compared with a year ago, as sale prices continued to see moderate growth, a suggestion that Canada's largest city still remains a seller's market.
In a new report from the C.D. Howe Institute, analysts suggest easing regulations such as zoning in agricultural areas could help correct an imbalance in the housing supply and demand across the country.
The Canadian Real Estate Association said national home sales sank 13.9 per cent year-over-year to the lowest level in more than five years in April, just as the number of newly-listed homes fell to a nine-year low for the month.
A flood of buyers and sellers looking to close deals late last year ahead of looming tighter mortgage rules resulted in a 14.5 per cent "payback" drop in home sales between December and January, market watchers said Thursday.
The Toronto Real Estate Board says the number of sales in the Greater Toronto Area in November was slightly higher than the previous month -- a positive sign for the industry despite a series of year-over-year declines from last year.
Home sales, one of the pillars of the economy last year, are not going to be as big of a driver this year as the effect of new federal mortgage measures fully kicks in, the Canadian Real Estate Association said Monday.