According to the Canadian Real Estate Association, home sales across Canada increased by 2.3 per cent from March to April, and increased by 10% over April 2014.
“As expected, low mortgage rates and the onset of spring ushered many homebuyers off the sidelines, particularly in regions where winter was long and bitter,” said the president of the Canadian Real Estate Association, Pauline Aunger. “All real estate is local and Realtors remain your best source of information about sales and listings where you live or might like to in the future.”
The average selling price increased by 9.5 per cent year-over-year, but if Toronto and Vancouver are excluded the average sale price increased by 3.4 per cent.
“In recent years, the seasonal pattern for home sales and listings has amplified in places where listings are in short supply relative to demand,” said the chief economist for the Canadian Real Estate Association, Gregory Klump. “This particularly stands out in and around Toronto. Sellers there have increasingly delayed listing their home until spring. Once listed, it sells fairly quickly. Sales over the year as a whole in Southern Ontario are likely being constrained to some degree by a short supply of single family homes. However, the busy spring home buying and selling season has become that much busier as a result of sellers waiting until winter has faded before listing.