|May 2013||May 2012|
|Wk 1||Wk 2||Wk 3||Wk 4|
|Sales to New Listings|
|Months of Inventory|
Sales are pretty slow but new listings are lagging. "I heard the market is slow out there honey, lets sell next year."
In other news, as already linked by koozdra, OSFI is considering restricting amortizations over 25 years. It sounds like it won't be quite so sudden as Garth announced, that they will ban longer amortizations this week, but they are looking into the issue. The last time regulations were changed there was talk about public consultation as well, but it turned out that their mind was essentially made up and the regulations went through very similar to how they were initially announced.
Personally I think this is a very strange move from the OSFI. Are 30 year mortgages with more than 20% down really a big risk? If this is part of the push to slow housing, it seems like there are so many more effective ways to put the brakes on, like raising down payment requirements by a couple percent, or banning "skip a payment" schemes and pushing on the provinces to bring the credit unions in line with the regulations affecting the national banks.
What this shows is the government's determination to crack down on the housing market. Just like government intervention to loosen credit during the boom wasn't predictable, these interventions to tighten credit availability may continue to come out of thin air. As CMT says: "There’s every reason to suspect that the DoF will keep applying air brakes until the housing plane has no more lift."