After a record-setting March, home sales continue to perform at an historic pace.
“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,” CREA President Cliff Iverson said. “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.”
National home sales increased by 3.1% month-over-month in April and activity was up 10.3% year-over-year, according to the Canadian Real Estate Association.
The national home sale price skyrocketed 13.1% year-over-year. Not including Toronto and Vancouver, the national sale price increased 8.7% year-over-year.
“Supply shortages and tight housing market conditions have become self-reinforcing in the GTA,” said Gregory Klump, CREA’s Chief Economist. “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.”