Canadian housing market - August update

The Canadian Real Estate Association (CREA) released its August data earlier this week, and this is what it means to Ai’s buyers’ HAi (pronounced ‘Hi’) score, and other underlying factors:

Compared to July, the HAi score improved from ‘neutral’ to ‘fairly good’ territory, with a 10-point increase from 60.2 to 70.2, for all dwelling-types, nation-wide. Head over to analyticalinsight.ca to filter for specific geographies and housing types.

Compared to July:

• Pricing environment moved to ‘very good’ territory (85), from a ‘fairly good’ rating, with a remarkable 36% improvement

• While the interest rate environment remained below average (the latest 25 basis points cut by the BOC was only in September, and hence doesn’t reflect in the numbers)

• Sales activity improved from poor (35) to below average (47.5)

• While the competitive environment remains good for buyers.

What this means is that if you can afford a place in the current interest rate environment, it is a great pricing environment to buy, with less competition than normal. Just keep in mind that since it’s still not a ‘normal’ market sales-wise, your dream house still might not be on the market.

Bottom-line: if you’re sure you really like a place and can afford it – it’s a great time to buy, especially in some markets – be sure to check out two storey properties in Toronto and Mississauga, for example.