Home sales rise to November record as average price hits $504,000.

Original article via CBC. Click here to read.

Last month was the busiest November for home sales on record, despite a slowdown in activity in the Greater Toronto Area.

The Canadian Real Estate Association said Thursday that home sales rose by almost four per cent in November from the previous month. The months at the end of the year aren’t typically a busy time for home sales, but the real estate group says sales are picking up, in part because buyers are rushing to get in before new stress test rules take effect in January.

Starting in January, all borrowers with uninsured mortgages must be stress-tested to make sure they could still pay down their loans if rates were higher. Anyone who fails the stress test will be prohibited from getting the loan they’ve applied for, and will have to either get a smaller mortgage for a cheaper home, or not buy in the first place.

 

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