Canadian Home Sales Increase In April 2014

Home sales across Canada increased in April 2014 month-over-month from March by 2.7 per cent, according to the newest statistics from the Canadian Real Estate Association.

“Greater Vancouver and Greater Toronto fuelled the anticipated spring pick up in national home sales in April which masked softer activity in a number of smaller markets,” said the president of the Canadian Real Estate Association, Beth Crosbie. “Housing trends can be very different between local markets and even within them depending on the neighbourhood and type of home. Your local Realtor is your best source of information about how the housing market is shaping up where you currently live or might like to in the future.”

The average price of homes sold across Canada increased by 7.6 per cent in April of 2014 compared to April of 2013, to $409,708.

“Sales activity for the month of April and for the year to date came in below the 10-year average in more than 60 per cent of all housing markets,” said the chief economist for the Canadian Real Estate Association, Gregory Klump. “This shows that tightened mortgage rules and guidelines are working as intended to keep activity in check despite mortgage interest rates remaining extraordinarily low.”

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