The Canadian Real Estate Association’s latest home sales statistics for July show that home prices in the Greater Toronto Area and Greater Vancouver Area are growing much stronger than in the rest of the country.
The average national sales price for homes increased by 8.9 per cent in July compared to the same time last year, but if Toronto and Vancouver are excluded the price only increased 4.1 per cent.
Gregory Klump, the chief economist for the Canadian Real Estate Association, said that, “It’s fair to say that the strength of national sales is still a story abut two cities, but it’s equally about how trends there are spreading out in their respective provinces. Trends in British Columbia and Ontario have a big influence on the national figures, since they account for about 60 per cent of national housing activity. As a result, the national picture reflects how demand is running high for the short supply of single family homes in and around the GTA while the balance between supply and demand is tightening in B.C.’s lower mainland. These remain the only places in Canada where home prices are growing strongly.
The number of newly listed homes increased by 0.2 per cent from June to July of this year, while the number of home sales decreased by 0.4 per cent in the same time frame.
“National sales activity remains solid, fuelled by strength in British Columbia and the Greater Toronto Area, where listings are in short supply or trending that way,” said the president of the Canadian Real Estate Association, Pauline Aunger. “That said, markets elsewhere across Canada are largely well balanced and in some cases have an ample supply of listings. As always, all real estate is local and Realtors remain your best source for information about sales and listings where you live or might like to in the future.”
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