Canadian home prices declined for the sixth straight month – the Teranet-National Bank House Price Index fell by 0.31% last month from February and were down by 1.74% from September 2018.
- Vancouver showed the largest metropolitan decline – prices fell 0.46% month over month, and 4.31% since July 2018.
- Toronto prices dropped by 0.29% month over month. Prices were up 3.26% compared to last year, but the annual growth rate has slowed for the past three consecutive months.
- Montreal on the other hand has reached a new all-time high. Montreal prices rose by 0.12% month over month and 5.46% relative to last year. The annual growth rate is far above the national index.
National home sales increased 0.9% after a sharp drop in February. Year-over-year sales activity fell by 4.6% to the weakest level for March since 2013. It was also almost 12% below the 10-year average for the month.
In Quebec and New Brunswick, sales activity ran well above average.
With new listings surpassing sales, the national sales-to-new-listings ratio dropped from 54.9% to 54.2% in February.
The number of new housing starts improved in March.
The seasonally adjusted annual rate (SAAR) of housing starts was 192,527 units last month, up by 15.8% from 166,290 units month over month. Of these,
- urban starts increased by 17% to 178,033 units.
- Multiple urban starts rose by 18.6% to 135,894 units
- Single-detached urban starts increased by 12.1% to 42,139 units
- Rural starts were estimated at a SAAR of 14,494 units
This article, New Real Estate Builds On The Rise In Quebec appeared first on Shupilov News.