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CREA: The Canadian Real Estate Market Picked Up Again In June

After several months of declining activity, Canadian home sales are finally improving.

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After several months of declining activity, Canadian home sales are finally improving. Statistics released today by the Canadian Real Estate Association (CREA) show that 60% of all Canadian markets saw increased activity in June.
Highlights:
  • Canadian home sales increased by 4.1% between May and June.
  • Actual (not seasonally adjusted) activity was 10.7% lower than in June 2017.
  • June’s MLS® Home Price Index (HPI) increased by 0.9% year-over-year (y-o-y).
  • The national average sale price dropped 1.3% y-o-y in June.

Home Sales

National home sales increased by 4.1% in June 2018 compared to May. While this is a substantial monthly increase, sales remain low when compared to June of last year.

An uptick in the Greater Toronto Area led the national increase in housing activity. Sales in BC are still moderate.

Actual (not seasonally adjusted) activity is 11% lower than in June 2017. This is the lowest sales have been in June in the past 5 years.

Slow activity in the Canadian market can largely be attributed to tightened mortgage regulations and increased interest rates.

Home Prices

Benchmark home prices rose by 6.4% in Greater Montreal. Montreal’s market was led by a 7.4% increase in townhouse/row unit prices.

In Toronto, home prices have decelerated when considered on a y-o-y basis. On a month-over-month basis, home price growth has begun to stabilize and increase.

In the Greater Vancouver Area, homes have increased by 9.5% y-o-y.

Apartment units across the country recorded the highest gains in June (11.3%) followed by townhouses (4.9%), when compared to May 2018.

The actual average home price in Canada is $496,000, down 1.3% compared to a year earlier.

The national average price is skewed by the Greater Vancouver and GTA, where prices are significantly higher than in the rest of Canada. Excluding these two markets from the calculation reduces the average by $107,000, to just over $389,000.

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This article, CREA: The Canadian Real Estate Market Picked Up Again In June, appeared first on Shupilov News.

 

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