Canadian Real Estate Association: Home Prices Increase In March, But Only Slightly

The Canadian Real Estate Association has released its monthly home price statistics, saying that while prices have increased slightly in March, it’s the smallest increase in monthly housing prices across Canada since June of last year.

“Overall price trends show that Canada’s housing market continues to moderate,” said the president of the Canadian Real Estate Association, Wayne Moen, in a press release. “Price increases have been shrinking since last fall. While that trend paused in March, it may in part reflect an early spring in many parts of the country, resulting in increased competition among buyers. That said, headline numbers mask some important differences in price trends among local housing markets and housing types. Since all real estate is local, buyers and sellers should talk to their local realtor to best understand how home price trends are shaping up where they live.”

Year-over-year, home prices increased by 5.1 per cent.

“The index typically experiences these types of month-over-month gains in the spring, which coincides with when the balance of supply to demand is tightest,” said the Canadian Real Estate Association’s chief economist, Gregory Klump. “With that in mind, it’s important to look at month-to-month movements in the context of how they compare to the same period in previous years. While the overall monthly price increase was on par with last year’s figure, it masks slowing price momentum in the Lower Mainland area of British Columbia. Slower price grains there were offset in March by a modest acceleration of price gains in Calgary, Toronto and Montreal.”

This site is owned & operated by: Royal LePage Real Estate Services Ltd Johnston & Daniel Division,477 Mount Pleasant Road, Toronto, Ontario, M4S 2L9, 416.489.2121. The content is provided by a number of sources as referenced in the contribution list.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s