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Real Estate Blog

Ottawa, ON, February 18, 2020 – Earlier today, Minister of Finance Bill Morneau announced changes to the mortgage stress test.


The new benchmark rate used to determine the minimum qualifying rate for insured mortgages, coming into effect on April 6, 2020, will be the weekly median 5-year fixed insured mortgage rate from mortgage insurance applications, plus 2 per cent.


Recently, the gap between the Bank of Canada’s five-year benchmark rate and borrowers’ actual contract rates has been widening, suggesting the benchmark rate has become less responsive to changes in the market.


In October 2016, Finance Canada introduced a stress test for insured mortgages. In 2017, the Office of the Superintendent of Financial Institutions (OSFI) issued an update to Guideline B-20, requiring uninsured mortgages to be stress-tested as of January 2018. CREA data indicates that per capita sales activity for residential units in 2018 reached its lowest point since 2001, with 2019’s final...

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Ottawa, ON, February 14, 2020 – Statistics released today by the Canadian Real Estate Association (CREA) show national home sales declined between December 2019 and January 2020.



Highlights:

  • National home sales fell by 2.9% on a month-over-month (m-o-m) basis in January.
  • Actual (not seasonally adjusted) activity was up 11.5% year-over-year (y-o-y).
  • The number of newly listed properties was little changed (+0.2%) m-o-m.
  • The MLS® Home Price Index (HPI) advanced by 0.8% m-o-m and 4.7% y-o-y.
  • The actual (not seasonally adjusted) national average sale price climbed 11.2% y-o-y.


Home sales recorded over Canadian MLS® Systems declined by 2.9% in January 2020, although they remain among the stronger monthly readings of the last few years. (Chart A)


Transactions were down in a little over half of all local markets in January, with the national result most impacted by a slowdown of more than 18% in the Lower Mainland of British Columbia. While there were few notable gains in January,...

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Ottawa, ON, February 11, 2020 –  Gregory Klump, CREA’s Chief Economist, has retired from The Canadian Real Estate Association after 28 years.



Klump joined CREA in 1992, serving as staff economist for the Association.


Promoted to Chief Economist in 2005, he grew CREA’s economic and data team into an authoritative source of Canadian real estate data and market analysis.


Klump was instrumental in the development of the MLS® Home Price Index (MLS HPI®). He was a member of CMHC’s National Housing Research Committee as well as a contributor to the Economic Research Committee of the Canadian Home Builders Association.


CREA wishes Gregory Klump all the best in his future endeavors.




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About The Canadian Real Estate Association


The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry associations. CREA works on behalf of more than 130,000 REALTORS® who contribute to the economic and social well-being...

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