According to the latest statistics from the Canadian Real Estate Association, national home sales increased by one per cent from February to March 2014, while actual (not seasonally adjusted) sales were 4.9 per cent higher than in March of last year.
“Sales in many housing markets continue to recover from winter’s deep freeze,” said the president of the Canadian Real Estate Association, Beth Crosbie. “At the same time, activity softened in some of Canada’s West Coast housing markets. This shows how local and national housing market trends can be very different. Talking to your local Realtor is your best bet to understand how the housing market is shaping up where you currently live or might like to in the future.”
The average sale price for a home in Canada increased by 6 per cent in March of 2014 compared to March of 2013.
“There’s little doubt that winter’s icy grip prompted many potential home buyers to put off house hunting,” said the Canadian Real Estate Association’s chief economist, Gregory Klump. “That said, we’ll have to wait and see what happens in April because while overall sales improved in March, there was little evidence of a floor of pent-up demand being released.”
He continued, “It’s important to keep in mind the distinction between sales activity and housing demand. Some markets, like Toronto and Calgary, are seeing multiple offer situations for some listings where each ultimately results in a single sale. This means national sales are being constrained by a lack of supply despite strong demand in some markets, since Greater Toronto and Calgary combined account for a one-quarter of national activity.”