{"id":3202,"date":"2021-11-23T11:53:54","date_gmt":"2021-11-23T16:53:54","guid":{"rendered":"https:\/\/canadianlending.ca\/investors\/?p=3202"},"modified":"2023-05-17T16:23:02","modified_gmt":"2023-05-17T20:23:02","slug":"cmis-state-of-the-market-home-sales-surge-in-october-as-2021-marks-another-record-breaking-year","status":"publish","type":"post","link":"https:\/\/staging.canadianlending.ca\/investors\/cmis-state-of-the-market-home-sales-surge-in-october-as-2021-marks-another-record-breaking-year\/","title":{"rendered":"CMI\u2019s State of the Market: Home Sales Surge in October as 2021 Marks Another Record-Breaking Year"},"content":{"rendered":"\r\n

 <\/p>\r\n

Canada\u2019s residential housing market registered a large uptick in October, as sales and property values continued to rise amid a dearth of available supply. Although the number of newly listed properties increased from September, the supply of homes for sale remains at a historic low. \u00a0<\/p>\r\n

 <\/p>\r\n\r\n\r\n\r\n

Home Sales Rise in October: CREA<\/strong><\/p>\r\n\r\n\r\n\r\n

National home sales increased by 8.6% in October, marking the largest monthly increase since July 2020, according to the Canadian Real Estate Association (CREA). Sales were up in roughly three-quarters of all local markets and in every major city. New listings increased by 3.2% month-over-month. The MLS Home Price Index increased 2.7% from September and 23.4% annually.<\/p>\r\n

 <\/p>\r\n\r\n\r\n\r\n

Despite the large monthly increase in home sales, the number of transactions declined 11.5% annually from the record levels seen in October 2020.<\/p>\r\n

 <\/p>\r\n\r\n\r\n\r\n

\u201c2021 continues to surprise. Sales beat last year\u2019s annual record by about Thanksgiving weekend so that was always a lock, but I don\u2019t think too many observers would have guessed the monthly trend would be moving up again heading into 2022,\u201d said Shaun Cathcart, CREA\u2019s senior economist.[1]<\/a><\/sup><\/p>\r\n\r\n\r\n\r\n

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\"\"<\/figure>\r\n<\/figure>\r\n\r\n\r\n\r\n

Canadian home sales registered a large uptick in October and remain well-above the 10-year monthly moving average. Source: <\/em><\/strong>CREA<\/em><\/strong><\/a><\/p>\r\n\r\n\r\n\r\n

 <\/p>\r\n\r\n\r\n\r\n

\u201cDearth of Inventories\u201d Characterizes Housing Market: RBC Economics<\/strong><\/p>\r\n\r\n\r\n\r\n

Canadian homebuyers are struggling to find affordable options amid a \u201cdearth of inventories\u201d across several major markets, according to RBC Economics\u2019 Robert Hogue. In October, inventory levels were down a staggering 55.2% annually in Toronto, 20.5% in Montreal, 48.3% in the Fraser Valley and 35.3% in Vancouver, data showed.<\/p>\r\n\r\n\r\n\r\n

While RBC Economics expects housing demand to cool in the coming year due to affordability constraints and easing pandemic restrictions, \u201cextremely tight demand-supply conditions will keep prices under intense upward pressure\u201d through the second half of 2022.[<\/sup><\/a>2<\/a>]<\/a><\/sup><\/p>\r\n\r\n\r\n\r\n

 <\/p>\r\n\r\n\r\n\r\n

Labour Market Recovery Intensifies<\/strong><\/p>\r\n\r\n\r\n\r\n

Canada\u2019s labour market expansion continued in October, as employers added 31,000 workers to payrolls and unemployment fell to 6.7%, according to Statistics Canada. The unemployment rate has now declined for five consecutive months, underscoring the positive impact of loosening pandemic restrictions across the country.<\/p>\r\n\r\n\r\n\r\n

According to RBC, Canada\u2019s unemployment rate is still above the longer-run average of around 6%, which suggests there are 200,000 available workers \u2013 a figure that is significantly less than the 900,000 current job vacancies.[3]<\/sup><\/a><\/p>\r\n\r\n\r\n

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\"\"<\/figure>\r\n<\/div>\r\n\r\n\r\n\r\n

The Canadian economy has added jobs for five consecutive months. | Data source: Statistics Canada<\/em><\/strong><\/p>\r\n\r\n\r\n\r\n

 <\/p>\r\n\r\n\r\n\r\n

Equity Markets Chart New All-Time Highs<\/strong><\/p>\r\n\r\n\r\n\r\n

Wall Street and Canadian stocks set multiple record highs in November, as investors rallied behind stronger than expected corporate earnings and reassurances from central banks that interest rates will remain lower for the foreseeable future. Following its October 27 meeting, the Bank of Canada communicated its intention to hold the policy interest rate until the 2 percent inflation target is achieved, which it projects to happen in mid-2022. On this news, Canada\u2019s TSX Composite Index broke above 21,000 for the first time. On Wall Street, the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite Index all set new highs in November.<\/p>\r\n\r\n\r\n\r\n

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\"\"<\/figure>\r\n<\/div>\r\n\r\n\r\n\r\n

The TSX Composite Index is charting a highly bullish Q4. | Source: <\/em><\/strong>barchart.com<\/em><\/strong><\/a><\/p>\r\n\r\n\r\n\r\n

 <\/p>\r\n\r\n\r\n\r\n

Conclusion and Summary<\/strong><\/p>\r\n\r\n\r\n\r\n

In the short term, Canada\u2019s economic recovery will depend largely on the status of COVID-19. A successful vaccine rollout has ensured that provinces can reopen safely without reverting to lockdown measures that had a negative impact on labour, personal consumption, and economic growth. However, higher inflation has put a strain on affordability, raising concerns about the Bank of Canada\u2019s stimulus campaign. \u00a0<\/p>\r\n

 <\/p>\r\n\r\n\r\n\r\n

What Happens Next?\u00a0<\/b> CMI Financial Group will continue to analyze market changes and keep you updated on a regular basis. Learn more<\/a>\u00a0about investing in private mortgages.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

  Canada\u2019s residential housing market registered a large uptick in October, as sales and property values continued to rise amid a dearth of available supply. Although the number of newly listed properties increased from September, the supply of homes for sale remains at a historic low. \u00a0   Home Sales Rise in October: CREA National … <\/p>\n

Continue reading “CMI\u2019s State of the Market: Home Sales Surge in October as 2021 Marks Another Record-Breaking Year”<\/span><\/a><\/p>\n","protected":false},"author":12,"featured_media":3203,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[87],"tags":[],"class_list":["post-3202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-research"],"yoast_head":"\nCMI\u2019s State of the Market: Home Sales Surge in October as 2021 Marks Another Record-Breaking Year - Investors | Real Estate Secured Mortgage Investments<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CMI\u2019s State of the Market: Home Sales Surge in October as 2021 Marks Another Record-Breaking Year - Investors | Real Estate Secured Mortgage Investments\" \/>\n<meta property=\"og:description\" content=\"  Canada\u2019s residential housing market registered a large uptick in October, as sales and property values continued to rise amid a dearth of available supply. 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