The Canadian Real Estate Association says that home sales increased by 4.1 per cent from February to March of this year, while actual (not seasonally adjusted) activity was 9.5 per cent higher than in March 2014.
The President of the Canadian Real Estate Association, Pauline Aunger, said that, “Low mortgage interest rates are good news for affordability as we head into the spring home buying season. This spring should see buyers coming off the sidelines in places where winter was anything but mild. Like the weather, all real estate is local and nobody knows your real estate market better than Realtors, who remain your best source for information about sales and listings where you currently live or might like to in the future.”
The average selling price increased by 9.4 per cent, however when Greater Toronto and Greater Vancouver are excluded, this figure falls to 2.4 per cent.
“Greater Vancouver and the GTA are really the only two hot spots for home sales and prices in Canada,” said the chief economist for the Canadian Real Estate Association, Gregory Klump. “Price gains in these two markets are being fueled by a shortage of single family homes for sale in the face of strong demand. Meanwhile, supply and demand for homes is well balanced among the vast majority of housing markets elsewhere across Canada.”