Home sales and prices up in Canada for March
Canada’s home sales have jumped by 4.1% from February to March, with the average housing price also rising but “slewed” by growth in Toronto and Vancouver.
The latest index report by the Canadian Real Estate Association (CREA) said the national average sale price went up by 4.9% year-on-year in March. When Greater Vancouver and Greater Toronto data are excluded, the average price is still up by 2.4%.
Nearly all local markets led by Greater Vancouver, Fraser Valley, Calgary and Edmonton experienced an increase in March sales. However, Calgary and Edmonton sales still came in below the 10-year average for March.
“Low mortgage interest rates are good news for affordability as we head into the spring home buying season. This spring should see buyers coming off the sidelines in places where winter was anything but mild,” CREA president Pauline Aunger was quoted as saying in Property Wire.
For chief economist Gregory Klump Greater Vancouver and the GTA are “really the only two hot spots for home sales and prices in Canada at present.”
“Price gains in these two markets are being fuelled by a shortage of single family homes for sale in the face of strong demand. Meanwhile, supply and demand for homes is well balanced among the vast majority of housing markets elsewhere across Canada,” he told Property Wire.
Family homes in both areas also exceeded the price gains in other housing markets tracked by the MLS® HPI throughout Q1 2015.