According to the latest data released by the Canadian Real Estate Association, home sales across Canada increased by 1.5 per cent from February to March of this year, while actual (not seasonally adjusted) activity increased by 12.2% over March of last year. The number of newly listed homes dropped by 1.4 per cent from February to March.
“Greater Vancouver and the GTA are heading into the spring home buying season with soaring demand and a shortage of listings,” said the president of the Canadian Real Estate Association, Cliff Iverson. “Meanwhile, other major urban markets in Canada are well balanced or are amply supplied. 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.”
The average sale price in Canada increased by 15.7%, however if Greater Toronto and Greater Vancouver are excluded, it grew by 10.4 per cent.
Gregory Klump, the chief economist for the Canadian Real Estate Association, said that, “Single family home sales in the Lower Mainland of BC and the GTA set new records for the month of March in the range between a-half and one-million dollars – as did sales above a million dollars. Meanwhile, sales below a half-a-million dollars, which were not subject to recently tightened mortgage regulations, are being increasingly restrained in these markets by a short supply of listings. If current sales and listings trends persist, price gains may pick up further this spring.”