During the month of April 2016, home sales across Canada increased by 3.1 per cent over March and set a new record for monthly sales according to the Canadian Real Estate Association.
“National home sales set new monthly records over the past two months, even as activity in Greater Vancouver and the GTA appears to have topped out,” said the president of the Canadian Real Estate Association, Cliff Iverson. “With almost three-quarters of all local markets posting sales gains in April, there are plenty of other places where sales are climbing as we head into the busiest time of the year for homebuyers. As always, your local Realtor remains your best source for information about sales and listings where you live or might like to in the future.”
The average selling price for a home in Canada increased by 13.1 per cent in April, however when the Greater Vancouver and Greater Toronto areas are excluded the average price increased by 8.7 per cent over a year ago.
Gregory Klump, the chief economist for the Canadian Real Estate Association, said that, “Supply shortages and tight housing market conditions have become self-reinforcing in the GTA. The Greater Vancouver Area appears to be heading in that direction too. While significant home price gains may entice some homeowners in these markets to list their home for sale, the issue for many is that the decision to move means they would also be looking to buy while competition for scarce listings Is fierce. As a result, many homeowners are deciding to stay put and continue accumulating capital gains. That’s keeping listings off the markets at a time when they are already in short supply.”