Tag Archives: Canadian Home Sales

Home Sales Drop Across Canada Again In June 2016

Home sales across Canada dropped by 0.9 per cent from the month of May to June, however actual (not seasonally adjusted) sales were up by 5.2 per cent year-over-year in June.

“While national sales activity remains strong, there are still significant differences in housing market trends across Canada,” said Cliff Iverson, the president of the Canadian Real Estate Association. “While home sales activity and price growth are running strong in BC and Ontario, they remain subdued in other markets where homebuyers are cautious and uncertain about the outlook for their local economy. 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 price for a home in Canada increased by 11.2 per cent nationally year-over-year in June, however if Greater Vancouver and Greater Toronto are excluded that number drops to 8.4 per cent.

Gregory Klump, the chief economist for the Canadian Real Estate Association, said that, “June sales extend trends observed the previous month. As was the case in May, the monthly decline in national sales activity was led by the Lower Mainland of British Columbia and markets in or around the GTA. In keeping with the law of supply and demand, exceptionally low inventory combined with high demand continues to translate into strong price growth in these housing markets, where year-over-year price gains have been running in double-digit territory since late last year.”

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Canadian Home Sales Decrease In May

After a record month in April, home sales across Canada have decreased in the month of May, dropping 2.8 per cent month-to-month, according to the Canadian Real Estate Association.

“National sales activity is still strong, even after coming off the record levels of the past couple of months,” said the president of the Canadian Real Estate Association, Cliff Iverson. “But, there are housing markets where sales continue to reflect a cautious mood among homebuyers and uncertainty about the local economy. 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 price for a home in Canada reached $509,460 in May, which is an increase of 13.2 per cent year over year. However, if Vancouver and Toronto are removed, the average price increased by only 9.1 per cent to $375,532.

Gregory Klump, the chief economist for the Canadian Real Estate Association, said that, “Many of the housing markets in BC and Ontario that led the monthly decline in national sales are also places where months of inventory have fallen to all time lows. This suggests a lack of supply may be starting to rein in sales amid a continuation of strong housing demand.”

The Canadian Real Estate Association Has Updated Its Resale Housing Forecast

The Canadian Real Estate Association recently updated its resale home sales activity forecast for 2016 and 2017.

According to the Canadian Real Estate Association, “Canadian resale housing market trends that defined 2015 have intensified. National sales activity and average prices reached new heights in the first half of 2016 amid a growing supply shortage of single family homes in British Columbia and Ontario, particularly in B.C.’s Lower Mainland as well as in and around the Greater Toronto Area (GTA).”

Sales activity across the country is expected to increase to a new annual record of 523,400 units, and increase of 6.1 per cent. The average sale price for a home in Canada has been adjusted to $490,700 this year, which is an increase of 10.8 per cent.

The Canadian Real Estate Association also says that Ontario’s average home price should increase roughly in line with the national average, while British Columbia will be the only province where sales increase at a rate above the national average.

Home Sales In Canada Reach New Record During April

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.”

Home Sales Increase In Canada During March

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.”

CREA: Home Sales Increase Across Canada

Home sales across Canada increased by 0.8% from January to February, according to the Canadian Real Estate Association. Actual, not seasonally adjusted sales increased by 18.7% year over year.

“Two of Canada’s hottest housing markets look set to stay that way heading into the spring home buying season,” said the president of the Canadian Real Estate Association, Pauline Aunger. “Meanwhile, other major urban markets elsewhere in Canada are well balanced or have ample supply. 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 price of a home in Canada during the month of February was up 16.4% year over year to $503,057, however when the Greater Toronto Area and Greater Vancouver Area are removed from the equation the average is $355,235, and increase of 8.7%.

Gregory Klump, the chief economist for the Canadian Real Estate Association, said that, “The number of single family home sales above one million dollars is rising in Greater Vancouver and the GTA. Tightened mortgage regulations apply to homes selling above five hundred thousand dollars and below a million dollars. The tighter regulations combined with a short supply of single family homes will restrain transactions below one million dollars. If recent trends continue, home sales above one million dollars will account for a greater share of activity and will further fuel year-over-year average price increases in these markets. Meanwhile, price growth will remain more modest in other housing markets that don’t have an ongoing or developing supply shortage like the kind we’re seeing in the Lower Mainland of British Columbia or around the GTA.”

Home Sales Across Canada Increase In January

According to the latest statistics released from the Canadian Real Estate Association, home sales increased by 0.5% nationally from December to January, while home sales increased by 8 per cent year over year in January 2015 compared to last year.

“Single family home buyers in the GTA and Lower Mainland of British Columbia had been expected to bring forward their purchase decisions before tightened mortgage regulations take effect in February 2016,” said the president of the Canadian Real Estate Association, Pauline Aunger, in a press release. “If listings in these and nearby markets were not in such short supply, January sales activity would likely have reached even greater heights. Meanwhile, other major urban housing markets have an ample supply of listings, particularly where some home buyers have become increasingly cautious amid an uncertain job market outlook. 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 selling price for a home in Canada increased by 17 per cent over January of last year, however if you remove Ontario and British Columbia from the equation the average home price in Canada actually dropped by 0.3 per cent.

Gregory Klump, the chief economist for the Canadian Real Estate Association, said that, “January 2016 picked up where 2015 left off, with single family homes in the GTA and Greater Vancouver in short supply amid strong demand standing in contrast to sidelined home buyers and ample supply in a number of Alberta housing markets. Tighter mortgage regulations that take effect in February may shrink the pool of prospective home buyers who qualify for mortgage financing and cause national sales activity to ease in the months ahead.”