Toronto And Vancouver Drive Canadian Average Home Prices Upward

The average sales price of a home in Canada rose by 6.1 per cent during the month of September over the same time last year. However, if the sales in Greater Vancouver and Greater Toronto are removed from the equation, the average price only rose by 2.9 per cent.

“Sales are off the peak reached earlier this year but are still running strong, particularly in British Columbia and Ontario,” said Pauline Aunger, the president of the Canadian Real Estate Association. “That said, sales strength varies considerably among markets and price segments across Canada. 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.”

Sales activity across Canada decreased by 2.1 per cent from August to September, while sales were up by 0.7 per cent over September last year.

“Although national sales activity was not as strong in September as it was earlier this year, a lack of supply in some parts of the country is likely keeping a lid on transactions,” said the chief economist at the Canadian Real Estate Association. “The GTA and Greater Vancouver made sizeable contributions to the monthly decline in national sales activity. They also rank among the tightest urban housing markets in the country due to a shortage of inventory and supply of land on which to build, which is why prices there continue to grow strongly.”

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