Here’s How Much Canadian Home Sales Have Recently Increased by
Published May 21, 2019 at 7:15 pm
As noted by Zoocasa, the Canadian housing market in general has been slowly recovering from the seven-year low it hit in February.
“The latest data from the Canadian Real Estate Association [CREA] reports transactions are up 4.2 per cent from the same month in 2018, and up 3.6 per cent from March,” reads the blog post.
Zoocasa continued to explain that listings rose by 2.7 per cent over the course of the month.
However, the average home price increased by 0.3 per cent to $495,000, although, removing the Greater Vancouver and Greater Toronto Area (GTA) markets from this equation would lower the average price to $391,000.
With that being said, however, according to CREA, sales activity is quite uneven across the country. Sales have mainly increased in the GTA and the Montreal markets, which has helped to offset the drastic drop seen in British Columbia’s Lower Mainland.
Regardless, it was revealed that activity is steadying among some markets in Canada.
“Sales activity is stabilizing among Canada’s five most urban housing markets,” CREA’s Chief Economist Gregory Klump said in a statement. “That list no longer includes Greater Vancouver, which fell out of the top-five list for the first time since the recession and is well into buyers’ market territory.”
Despite this, it was noted that sales are still lower for many reasons including housing affordability challenges, reduced access to financing due to the mortgage stress test, as well as housing policy changes employed by the British Columbia’s provincial government.
In addition, prices have also increased in many areas in Ontario.
“With the exception of the Barrie and District markets which saw prices fall -5.3 per cent, prices were up across the Greater Golden Horseshoe,” reads the blog post. “The strongest growth was seen in Niagara Region, where prices rose 6.2 per cent, followed by Guelph (5.1 per cent), Hamilton-Burlington (4.6 per cent), the Toronto real estate market (3.2 per cent), and Oakville-Milton (2.5 per cent).”
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