It was further elaborated by the CREA that these variations are caused by tougher mortgage rules, which were put into effect in midway through the last year. Hence, the sales grew by 1.3 per cent from December to January. The president of CREA, Wayne Moen, mentioned in a press release that “national sales activity continues to hold fairly steady at the lower levels first reached when mortgage rules were tightened.” Moen added that “as always, all real estate is local.” Overall, it was estimated that sales have fell in about two-thirds of local markets, with prominent exceptions in Calgary, Edmonton and Winnipeg.
The association’s home price index illustrated that the prices in Calgary have increased by eight per cent over the year, meanwhile the prices in Regina rose by 8.8 per cent. On the other hand, the speedily decreasing housing market in Vancouver has suffered from a so-called “gravitational” effect on national averages. Apart from the sales in the Greater Vancouver area, the average home price rose by 3.3 per cent, while the prices in Vancouver decreased by 2.8 per cent, as per the association’s home price index.