Rules are making a difference: Helm
Barfoot and Thompson released data this week that showed the average sales price in November increased to $684,646 agency-wide, and the median increased 5.3% to $621,400.
Although sales numbers were down from October, the agency said there was no real indication that the new rules were slowing activity. From October 1, banks have had to keep their proportion of low-deposit new lending to no more than 10% of new loans.
But Alistair Helm said the Barfoot and Thompson claim was misleading. He said the fact that there were fewer sales below $500,000 in the month – 370 compared to 457 in October – had pushed up the average price.
Barfoot and Thompson said the number of sub-$500,000 sales was in line with those in September.
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