CREA News

Ottawa, ON, February 15, 2013 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity edged up on a month-over-month basis in January 2013. National sales activity has held fairly steady after gearing down last August in the wake of tightened mortgage lending rules. 

Highlights:

• National home sales rose 1.3% from December to January.
• Actual (not seasonally adjusted) activity came in 5.2% under levels in January 2012.
• The number of newly listed homes rose 1.6% from December to January.
• The Canadian housing market remains firmly in balanced territory.
• National average sale price was up 2% year-over-year in January.
• The MLS® HPI rose 3.1% in January, the smallest gain since April 2011.

The number of home sales processed through the MLS® Systems of real estate Boards and Associations and other cooperative listing systems in Canada edged up 1.3 per cent on a month-over-month basis in January 2013. This marks the fifth month in a row that national sales activity has shown little change from levels in the previous month.

Home sales picked up in about half of all local markets in January from the previous month, including some of Canada’s most active. Greater Toronto and Greater Vancouver posted monthly sales increases of 5.6 per cent and 4.7 per cent respectively, while sales in Edmonton climbed by nearly 10 per cent on the month. Activity gains there were partially offset by softer sales in Ottawa, the Fraser Valley, Montreal, Regina, London and St. Thomas, and Calgary.

“There is little new to report about national sales activity, which continues to hold fairly steady at the lower levels first reached when mortgage rules were tightened in mid-2012,” said CREA President Wayne Moen. “That said, things are becoming more interesting among local markets, with improving sales in Vancouver and Toronto likely to come as something of a surprise to some. As always, all real estate is local, so buyers and sellers should speak to their REALTOR® to understand how the housing market is shaping up where they live or are considering to live.”

Actual (not seasonally adjusted) activity came in 5.2 per cent below levels reported in January 2012. About two-thirds of local markets posted year-over-year declines in sales activity in January. Notable exceptions include Calgary, Edmonton, Winnipeg, Windsor-Essex, and Guelph.

“Year-over-year declines in activity have received attention lately, and understandably so since they’re more exciting compared to the fairly steady month-over-month trend for national sales following changes made last year to mortgage regulations and lending guidelines,” said Gregory Klump, CREA’s Chief Economist. “If national sales activity remains stable near the levels we’ve been seeing since last August, then year-over-year comparisons will begin fading after the crucial spring buying season. Until then, the focus may remain on how sales were stronger in the first half of last year compared to lower but stable national activity since then.”

The number of newly listed homes rose 1.6 per cent month-over-month in January, their first monthly increase since last September.

New listings rose in a number of Canada’s most active markets, led by Greater Toronto. The monthly increase there reversed a decline of similar magnitude one month earlier. New listings also rose in Greater Vancouver, Montreal, the Fraser Valley, and Vancouver Island, which also marked a reversal in a declining trend for new listings in the final months of 2012.

With sales and new listings both having edged higher, the national sales-to-new listings ratio was little changed at 50.3 per cent in January compared to 50.4 per cent in December. Its reading has held fairly steady around this level for the past six months. Based on a sales-to-new listings ratio of between 40 to 60 per cent, about two-thirds of all local markets were in balanced market territory in January.

The number of months of inventory is another important measure of balance between housing supply and demand. It represents the number of months it would take to sell current inventories at the current rate of sales activity, and it too was little changed in January.

Nationally, there were 6.6 months of inventory at the end of January 2013, down slightly from 6.7 months reported at the end of December. The number of months of inventory nationally has held between 6.5 and 6.7 months since August last year.

The actual (not seasonally adjusted) national average price for homes sold in January 2013 was $354,754, representing an increase of two per cent from January 2012. There were fewer sales compared to year-ago levels in relatively pricey Greater Vancouver, which continues to exert a strong gravitational pull on the national average sale price. Excluding Greater Vancouver from the national average price calculation yields a year-over-year increase of 3.3 per cent.

Unlike average price, the MLS® Home Price Index (MLS® HPI) is not affected by changes in the mix of sales, so it provides the best gauge of Canadian home price trends.

The Aggregate Composite MLS® HPI rose 3.1 per cent on a year-over-year basis in January. This marks the ninth time in as many months that the year-over-year gain shrank and the slowest rate of increase since April 2011.

Year-over-year price gains decelerated for one-storey single family homes (+4.4 per cent) and two-storey single family homes (+3.6 per cent). By contrast, year-over-year growth held steady for apartment units (+1.2 per cent), and picked up in the townhouse/row segment (+2.2 per cent).

The MLS® HPI rose fastest in Regina (+8.8% year-over-year), although the increase was the smallest since December 2011. Price growth also moderated in Greater Toronto (+3.8% year-over-year) and in Greater Montreal (+2.6% year-over-year).

By contrast, the MLS® HPI saw year-on-year growth accelerate in Calgary (+8.0%) and the Fraser Valley (+0.7%). In Greater Vancouver, the MLS® HPI posted a 2.8 per cent year-over-year decline in January.

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PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighborhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 106,000 REALTORS® working through more than 100 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

The Bank of Canada announced on January 23rd, 2013 that it is keeping its key policy interest rate at 1 per cent, where it has been held for more than two years. In providing guidance on where interest rates are heading, the Bank said interest rate hikes are “less imminent than previously anticipated.”

The Bank acknowledged that Canadian economic growth slowed more abruptly in the second half of 2012 than it had previously anticipated. It also recognized a marked deceleration in the growth of household debt, moderation in the housing sector, and softer than expected inflation.

The Bank now expects inflation to return to its 2 per cent target sometime in the second half of 2014. That represents a significant weakening in the Bank’s outlook for inflation; in October, the Bank expected inflation to return to target by the end of 2013. Consumer Price Inflation rose by 0.8 per cent in November 2012.

The Bank said it still expects the Canadian economy to gain strength this year, but it lowered its forecast for economic growth to just 2 per cent in 2013. By contrast, its growth forecast for 2014 was raised to 2.7 per cent versus its previous forecast reading of 2.4 per cent contained in its previous Monetary Policy Report (MPR) published in October 2012.

The bottom line is that economic growth is expected to remain modest but positive, consistent with low inflation and low interest rates. At the same time, growth in household debt burdens, which the Bank has repeatedly flagged as a major risk in this low interest rate environment, is showing positive signs of topping out as housing market activity continues to stabilize at a more sustainable levels. Combined with extremely well anchored expectations for inflation, that means the Bank is in no hurry to raise interest rates anytime soon, with the first such move in that direction unlikely to be for at least another year.

As of January 23rd, 2012, the advertised five-year lending rate stood at 5.24 per cent. It has been unchanged at this level since the beginning of June 2012.

Ottawa, ON, January 15, 2013 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity was little changed on a month-over-month basis in December 2012, holding it in line with levels reported in August when demand first geared down in the wake of tighter mortgage lending rules.

Highlights:

• National home sales edged 0.5% lower from November to December.
• Actual (not seasonally adjusted) activity down 17.4% from December 2011.
• Number of newly listed homes dropped 1.3% from November to December.
• Canadian housing market remains firmly in balanced territory.
• National average sale price up 1.6% year-over-year in December.
• MLS® HPI up 3.3% in December, the smallest gain since April 2011.

The number of home sales processed through the MLS® Systems of real estate Boards and Associations in Canada edged down 0.5 per cent on a month-over-month basis in December 2012. While sales activity was little changed nationally, it picked up in just over half of all local markets in December.

“National sales activity continues to hold fairly steady at lower levels since mortgage rules were changed earlier in 2012, but there are still some real differences in trends between and within local housing markets,” said CREA President Wayne Moen. “As always, all real estate is local, so buyers and sellers should speak to their REALTOR® to appreciate how the housing market is shaping up where they live or are considering living.”

Actual (not seasonally adjusted) activity came in 17.4 per cent below December 2011 levels. Four of every five local markets posted a year-over-year declines in sales activity in December. Calgary remained a notable exception, with activity there having risen seven per cent year-over-year.

Sales were handicapped by December 2012’s five full weekends, since far fewer transactions take place on weekends. This trading day effect is among factors taken into account by seasonal adjustment.

“Similar to what we saw in September, December sales had fewer business days compared to the same month last year and most other years,” said Gregory Klump, CREA Chief Economist. “It factored into December’s year-over-year decline in sales activity.”

A total of 453,372 homes traded hands over Canadian MLS® Systems in 2012. This was down 1.1 per cent from annual activity in 2011, and 1.4 per cent below the 10-year average (2002 through 2011).

This marks the fifth straight year that annual home sales activity has held to within short reach of 450,000 units. “Successive rounds of tightening mortgage regulations have kept the housing market in check during what has become an extended low interest rate environment,” said Klump.

The number of newly listed homes fell a further 1.3 per cent month-over-month in December. Combined with monthly declines of 1.1 per cent in November and 4.1 per cent in October, new supply reached its lowest level since March 2011.

While Greater Toronto posted the largest decline, new listings were down in half of all local markets in December including Greater Vancouver, the Fraser Valley, and Vancouver Island.

“The decline in new supply may reflect purchase offers below asking price that are made to sellers who are under no pressure to sell. Instead they choose to take their homes off the market once their listing expires,” Klump said. “In the absence of economic stresses like a spike in interest rates or a sharp drop in employment, this dynamic can be expected to keep the housing market in balance.“

With sales and new listings moving lower, the national sales-to-new listings ratio was little changed at 50.8 per cent in December compared to 50.4 per cent in November. Based on a sales-to-new listings ratio of between 40 to 60 per cent, three out of every five local markets were in balanced market territory in December.

The number of months of inventory is another important measure of balance between housing supply and demand. It represents the number of months it would take to sell current inventories at the current rate of sales activity, and it too was little changed in November.

Nationally, there were 6.7 months of inventory at the end of December 2012, unchanged from its reading at the end of November. The number of months of inventory nationally has remained close to 6.6 months since August 2012.

The actual (not seasonally adjusted) national average price for homes sold in December 2012 came in just under $352,800, representing an increase of 1.6 per cent from December 2011. The national average price continues to be influenced by fewer sales in Greater Vancouver and Greater Toronto compared to the same period a year earlier. Excluding these two markets from the national average price calculation yields a year-over-year increase of 3.3 per cent.

The 2012 national average price for homes sold through the MLS® Systems of real estate Boards and Associations in Canada was $363,740, up 0.3 per cent from 2011. Netting Greater Vancouver and Greater Toronto from the annual figure yields a gain of 2.8 per cent.

Unlike average price, the MLS® Home Price Index (MLS® HPI) is not affected by changes in the mix of sales, so it provides the best gauge of Canadian home price trends.

The Aggregate Composite MLS® HPI rose 3.3 per cent on a year-over-year basis in December. This marks the eighth time in as many months that the year-over-year gain shrank and is the slowest rate of increase since April 2011.

Year-over-year price gains decelerated in for two-storey single family homes (+4.0 per cent) and apartment units (+1.2 per cent). By contrast, year-over-year growth accelerated in the townhouse/row segment (+2.0 per cent).

Price growth was unchanged from November’s reading for one-storey single family homes (+4.9 per cent).

The MLS® HPI rose fastest in Regina (+10.5% year-over-year), although the increase was the smallest since March. Price growth also moderated in Greater Toronto (+4.1% year-over-year) and in the Fraser Valley (+0.5% year-over-year).

By contrast, the MLS® HPI saw year-on-year growth accelerate in Calgary (+7.4%) and Greater Montreal (+3.3%). In Greater Vancouver, the MLS® HPI posted a 2.3 per cent year-over-year decline in December.

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PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighborhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 106,000 REALTORS® working through more than 100 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

Ottawa, ON, December 17, 2012 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity edged back down in November 2012 on a month-over-month basis, returning to where it stood in August. Demand geared down in August in the wake of tighter mortgage lending rules, and has since been running about eight per cent below levels in the first half of the year.

Highlights:

• Home sales down 1.7% from October to November.
• Actual (not seasonally adjusted) activity down 11.9% from November 2011.
• Number of newly listed homes down 0.9% from October to November.
• Housing market remains firmly in balanced territory.
• National average price for home sales down 0.8% on a year-over-year basis in November.
• MLS® HPI up 3.5% in November, marking its smallest gain since May 2011.

The number of home sales processed through the MLS® Systems of real estate Boards and Associations in Canada edged down 1.7 per cent on a month-over-month basis in November 2012. The decline returned activity to where it stood in August following the most recent tightening of mortgage regulations. (Chart 1)

Although down slightly on a national basis, activity picked up in roughly two of every five local markets in November including Vancouver Island, Victoria, Chilliwack, Kitchener-Waterloo, and Guelph. Greater Toronto, Greater Montreal, and Greater Vancouver contributed most to the small decline at the national level.

Actual (not seasonally adjusted) activity came in 11.9 per cent below November 2011 levels. Sales were down on a year-over-year basis in three of every four of all local markets in November, including most large urban centres. Calgary stood out as an exception, with activity up 10.6 per cent from a year ago.

“National sales activity has remained fairly steady at lower levels since mortgage rules were changed earlier this year, but that stability masks some real differences in trends among local housing markets,” said CREA President Wayne Moen. “As always, all real estate is local, so buyers and sellers should talk to their REALTOR® to understand how the housing market is shaping up where they live or might like to.”

“National sales activity lacks the momentum it had a year ago,” said Gregory Klump, CREA’s Chief Economist. “Interest rates have remained low and the economic backdrop has remained supportive for housing activity, so that should leave little doubt that recent changes to mortgage regulations are responsible for having cooled activity.”

A total of 432,861 homes have traded hands over Canadian MLS® Systems so far this year, down 0.2 per cent from levels reported over the first eleven months of 2011, and 0.8 per cent below the 10 year average for the period.

The number of newly listed homes fell 0.9 per cent month-over-month in November. Greater Vancouver posted the largest decline, with new supply there having fallen to its lowest level in more than two years.

With sales and new listings moving in the same direction and by similar magnitudes, the national sales-to-new listings ratio was little changed at 50.3 per cent in November compared to 50.7 per cent in October. Based on a sales-to-new listings ratio of between 40 to 60 per cent, three out of every five local markets were in balanced market territory in November.

The number of months of inventory is another important measure of balance between housing supply and demand. It represents the number of months it would take to sell current inventories at the current rate of sales activity, and it too was little changed in November.

Nationally, there were 6.6 months of inventory at the end of November 2012 compared to 6.5 months at the end of October.

The actual (not seasonally adjusted) national average price for homes sold in November 2012 was $356,687. This represents a decline of 0.8 per cent from November 2011.

The national average price continues to be influenced by compositional factors, most notably fewer sales in Greater Vancouver and Greater Toronto. Excluding these two markets from the national average price calculation yields a year-over-year increase of 3.2 per cent. This reflects year-over-year average sale price increases in two-thirds of all local markets in November 2012.

Unlike average price, the MLS® Home Price Index (MLS® HPI) is not affected by changes in the mix of sales, so it provides the best gauge of Canadian home price trends.

The Aggregate Composite MLS® HPI rose 3.5 per cent on a year-over-year basis in November. This was the seventh time in as many months that the year-over-year gain shrank, and marks the slowest rate of increase since May 2011. (Chart 2)

Year-over-year price gains decelerated for all Benchmark property types with the exception of the townhouse/row segment. Year-over-year growth remained strongest for one-storey single family home prices (+4.9 per cent) and two-storey single family homes (+4.2 per cent). Prices for townhouse and apartment units continue to post more modest gains, rising 1.8 per cent and 1.3 per cent respectively.

The MLS® HPI rose fastest in Regina (+11.6% year-over-year), although the increase was diminished compared to an increase of 13 per cent reported in October. MLS® HPI growth also moderated in Greater Toronto (+4.6% year-over-year) and in the Fraser Valley (+1.3% year-over-year).

By contrast, the MLS® HPI saw year-on-year growth accelerate in Calgary (+7.1%) and Greater Montreal (+1.9%). In Greater Vancouver, the MLS® HPI posted a 1.7 per cent year-over-year decline in November.

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PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighborhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 106,000 REALTORS® working through more than 100 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

OTTAWA –December 17, 2012 – The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service^® (MLS^®) Systems of Canadian real estate Boards and Associations in 2012 and 2013.

When CREA’s resale housing forecast was published in September, activity showed the first signs of slowing in the wake of new mortgage lending regulations. Demand has remained at lower levels, and this trend is expected to persist through the end of the year. Lower than projected third quarter sales have downgraded the prospects for activity this year in almost every province.

National resale housing activity is now projected to reach 456,300 units in 2012. This represents a 0.5 per cent decline from 458,412 sales in 2011, and stands 0.9 per cent below the 10-year average (2002 – 2011)

Alberta is still expected to post the biggest annual increase this year (+13.1%), offsetting most of the projected decline in British Columbia (-10.7%).

Sales activity is expected to be less volatile next year than it was in 2012. In 2013, CREA forecasts that national sales activity will recede by two per cent to 447,400 units. This is a slightly lower level of activity than previously forecast, reflecting the ongoing impact of new mortgage rules into next year. The continuation of moderate economic, job, and income growth will temper the impact of recent mortgage rule changes, which are not expected to dampen activity much more than has already been felt until interest rates are expected to begin rising in late 2013.

“All real estate is local, so housing market prospects can and do differ among regions and communities,” said Wayne Moen, CREA President. “For that reason, buyers and sellers should talk to their REALTOR® about the housing market outlook where they live or would like to live.”

“Annual sales in 2012 reflect a stronger profile prior to recent mortgage rule changes followed by weaker activity following their implementation,” said Gregory Klump, CREA’s Chief Economist. “By contrast, forecast sales in 2013 reflect an improvement from levels this summer in the immediate wake of mortgage rule changes. Even so, sales in most provinces next year are expected to remain down from levels posted prior to the most recent changes to mortgage regulations,” said Klump.

Despite the small downward revisions to the forecast for national sales in 2012 and 2013, activity is still expected to remain within short reach of the 10-year average (2002 – 2011).

National sales activity over the first five years of the past decade compared to the most recent five years represent two very different periods. Most of the national average price growth in the 2002-2007 period was realized amid sustained sellers’ market conditions in most large urban housing markets. Most provincial housing markets are currently balanced, and are expected to remain or return to balanced market territory for 2013.

The national average home price is projected to rise by 0.3 per cent to $363,900 in 2012, with gains in excess of that in most provinces. The smaller gain in average price nationally as compared to most provinces largely reflects a decline in sales activity among more expensive housing markets compared to 2011, particularly in British Columbia and more recently in Ontario.

The national average price is forecast to edge up another three tenths of one per cent to $365,100 in 2013, with British Columbia, Ontario, and New Brunswick registering small price declines and modest average price gains in line with or below inflation in other provinces.

* Provincial weighted average price for Quebec; does not affect unweighted national average price calculations. Information on Quebec’s weighted average price calculation can be found at: http://www.fciq.ca/immobilier-statistiques-definitions.php

¹ The sales territory covered by the Saskatoon Region Association of REALTORS® has been expanded. Data revisions were possible back to January 2011. Part of the 2011 annual percentage increase in sales reflects that change.

² Effective January 1, 2012, the Prince Edward Island Real Estate Association began reporting sales at the point when non-title conditions had been satisfied in the Agreement of Purchase & Sale. Previously, sales were reported at the point of closing. As such, data before and after January 1, 2012 are not directly comparable.

About The Canadian Real Estate Association

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 100,000 real estate Brokers/agents and salespeople working through more than 100 real estate Boards and Associations.

The Bank of Canada kept its key policy rate at 1 per cent on December 4^th 2012. It has been unchanged at this level for more than two years, marking the longest period since the early 1950s that rates have been left untouched.

The text accompanying the announcement was little changed from the previous three statements. This includes the bottom line that the Bank would still like its next move to be a rate hike, saying some modest withdrawal of current stimulus will “likely” be required “over time”, but that the “timing and degree of any such withdrawal will be weighed carefully against global and domestic developments, including the evolution of imbalances in the household sector.”

The Bank said that while the economic expansion in the United States was still progressing at a gradual pace, it was being held back by uncertainty related to the outcome of fiscal cliff negotiations. And while Europe remains in recession, Chinese growth appears to be stabilizing, lessening fears of a hard landing. That said, the global economy remains vulnerable to a major shock from the U.S. or Europe.

Third quarter economic growth in Canada was weak, although the Bank attributed this to “transitory disruptions in the energy sector,” saying it still expects growth to pick up going forward.

Spurred on by the continuation of near-record low interest rates, consumption and business investment still are expected to be the primary drivers of economic growth in Canada next year. The Bank noted that housing activity has declined and that growth in household credit has slowed, but cautioned that it was too early to tell if this trend would be sustained.

Regarding consumer price inflation, the Bank said it has evolved broadly in line with their forecast, with both total and core inflation expected to rise and return to the 2 per cent target in the next year.

The bottom line is that economic growth is expected to remain modest but positive, consistent with low inflation and low interest rates. The Bank of Canada has repeatedly said it would like to raise rates, although the prevailing economic outlook suggests such an action will not be warranted until late next year at the earliest, and that outlook may well be revised by the time the Bank makes it next announcement on January 23^rd, 2013, by which time the outcome of the U.S. fiscal cliff will be known.

As of December 4^th, 2012 the advertised five-year lending rate stood at 5.24 per cent. It has been unchanged at this level since the beginning of June.

(CREA 12/4/2012)

Ottawa, ON, November 26, 2012 – Consumers have a new tool to help navigate the complexities and financial implications of purchasing a home. Earlier today, The Canadian Real Estate Association (CREA), and the Financial Consumer Agency of Canada (FCAC) launched the Homebuyers’ Road Map. The Road Map is available on CREA’s website at crea.ca.

In a recent Nanos Research survey¹ for CREA, more than 63% of Canadians indicated a “major need” for more information about the financial details of buying a home. That figure rose to 70% for respondents between the ages of 18 and 29.

“As REALTORS®, we appreciate that young Canadians and first-time homebuyers are craving more information about the financial details required to purchase a home. The purpose of the Homebuyers’ Road Map is to empower consumers with the knowledge, skills and confidence to make responsible financial decisions about one of the largest purchases they will ever make,” said Gary Simonsen, CREA’s CEO. “We’re proud to have collaborated with the Financial Consumer Agency of Canada to develop this guide.”

Launched to coincide with Financial Literacy Month, the Homebuyers’ Road Map is a guide which will help Canadians better understand the home buying process as well as appreciate the importance of negotiating with lenders and researching government programs.

“Helping Canadians plan for the future, make sound decisions and ensure the financial security of their loved ones are essential in this increasingly complex world,” said Shelly Glover, Parliamentary Secretary to the Minister of Finance.

“Buying a home involves a number of steps and many buyers need some help in understanding the various options available. In order to make the decision that matches their own circumstances and goals, consumers need some money know-how — which is what financial literacy really is,” added Ursula Menke, Commissioner of the Financial Consumer Agency of Canada (FCAC). “This guide will help people make the right decision, and adds to the information on mortgages, loans and banking available on our website, itpaystoknow.gc.ca.”

To access the Homebuyers’ Road Map, and to find out how a REALTOR® can help, please visit crea.ca and click the Buying or Selling? tab.

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ABOUT CREA

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 106,000 REALTORS® working through more than 100 real estate Boards and Associations.

ABOUT FCAC

With educational materials and interactive tools, the Financial Consumer Agency of Canada (FCAC) provides objective information about financial products and services to help Canadians increase their financial knowledge and confidence in managing their personal finances. FCAC informs consumers about their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance companies. FCAC also makes sure that federally regulated financial institutions, payment card network operators and external complaints bodies comply with legislation and industry commitments intended to protect consumers.

You can reach FCAC through its Consumer Services Centre by calling toll-free 1-866-461-3222 (TTY: 613-947-7771 or 1-866-914-6097) or by visiting FCAC’s website: itpaystoknow.gc.ca.