Busy spring kick-off for brokers

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The number of transactions last month came in at 52,541 deals, up 10 per cent compared to the year-ago period, according to the Canadian Real Estate Association.

Most provinces also experienced large hikes in sales, most notably a 28.7 per cent year-over-year increase in British Columbia and a 17.4 per cent year-over-year rise in Ontario. Those impressive climbs offset declines of 23 per cent and 14.8 per cent in Alberta and Saskatchewan, respectively, compared to their April 2014 performance.

“As expected, low mortgage interest rates and the onset of spring ushered many homebuyers off the sidelines, particularly in regions where winter was long and bitter,” said CREA president Pauline Aunger.

She and others are referencing a surprising increase in sales for New Brunswick and Newfoundland and Labrador – up 7.8 per cent and 11.6 per cent, respectively. Indeed, those provinces are certainly benefitting from milder weather following a particularly brutal and especially long winter that certainly stifled the market.

Many of those entering the market are doing so for the first time, choosing condos over detached properties, which are more and more out of reach for buyers on all rungs of the property ladder.

Brokers in two of the country’s hottest markets may want to set their sights on condo-buying clients.

In Toronto and Vancouver, condo sales were up 16.1 per cent and 34.4 per cent, respectively.

Calgary, however, is still feeling the impact of the oil shock: condo sales were off 28.5 per cent from the year-ago period. Prices in Calgary, however, remained relatively stable, dropping a modest 4.6 per cent from the year-ago period to $296,612.

Across the country and across all property types, sales price was up 9.5 per cent to an average of $448,862.

Prices in Toronto’s condo market were up 5.8 per cent to $380,517, while Vancouver’s condo prices slipped 0.3 per cent to $457,914.
“In recent years, the seasonal pattern for home sales and listings has become amplified in places where listings are in short supply relative to demand,” said Gregory Klump, CREA’s chief economist. “This particularly stands out in and around Toronto.”
  • Ross Kay on 2015-05-19 11:58:51 AM

    As of April 30th, 2015, 62 out of 100 listings found on Realtor.ca will expire without selling.

    Weather only impacts sales for 48 hours at most and since 1982, (other than natural disasters) there is no statistical correlation in cold weather or rain or fairy dust causing sales to be held back. A family who just sold needs to find a new home asap, weather be da--ed.

    CREA hides real market trends behind monthly press releases as witnessed in the $448,862 national average quoted. The Average Sale Price for Canada on April 30th was actually $30,000 less than the 448,862 quoted.

    What MBs need to know is how many mortgages are up for renewal in May 2015 that were secured for first time purchasers four or five years ago?? This includes both the resale and new homes market.

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