CREA’s national real estate statistics were released on April 13th. Here are a few highlights:
- National home sales increased by 1.3% from February to March.
- Actual (not seasonally adjusted) activity dropped 22.7% compared to March 2017.
- New listings rose by 3.3% from February to March.
- The MLS® Home Price Index (HPI) increased by 4.6% in March, measured year-over-year.
- The national sale price average dropped by 10.4% annually in March.
Sales increased nationally between February and March, led by Montreal and Ottawa.
Actual (not seasonally adjusted) activity decreased year-over-year in all markets except Montreal and Ottawa.
“Government policy changes have made home buyers and sellers increasingly uncertain about the outlook for home prices,” said CREA President Andrew Peck. A professional REALTOR® is your best source for information and guidance in negotiations to purchase or sell a home during these changing times.”
Given the limited supply and rising demand at the lower price segment fuelled by recent changes in mortgage regulations, affordable priced homes remain out of reach for many first time buyers.
New active listings increased by 3.3% in March. However, the number of properties for sale has yet to recover from its record plunge between December and January.
Based on the sales-to-new-listings ratio, more than 60% of all local markets were balanced in March 2018.
The number of months of inventory is an important way of evaluating market conditions, by comparing supply and demand. It represents the time it would take to sell all active listings at the current rate of sales activity. There were 5.3 months of inventory across Canada by the end of March 2018.
Lastly, the Aggregate Composite MLS® HPI increased for the 11th consecutive time by 4.6% year over year in March 2018.
Real Estate Statistics by Property Type
Two-storey single family home prices depreciated by -2% compared to last year.
In Montreal, two storey single homes appreciated by 7.4%.
The actual national average price (not seasonally adjusted) for homes sold in March 2018 was just over $491,000, a 10.4% decrease from 2017.
It is important to note that the national average was heavily skewed by sales in the Greater Toronto Area and the Greater Vancouver Area. If those two cities are removed from the calculation, the national price average decreases by almost $108,000 to $383,000.
This article, CREA Real Estate Statistics, Canada and Montreal: April 2018, appeared first on Shupilov News.