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Residential property sales in Canada were unchanged in November compared with the previous month and are 2.7% above a year ago, according to the latest data. But activity is much improved compared to the quiet start to the year and November sales strengthened in half of all local housing markets, the index from the Canadian Association of Realtors shows. The index also shows that price gains have held steady between 5% and 5.5% since the beginning of the year. However, year on year price growth decelerated among all property types tracked by the index in November compared to October. There were monthly sales increases in Montreal, Edmonton, Winnipeg, Hamilton-Burlington, Barrie, and Windsor-Essex but a monthly decline in the Greater Toronto Area. And sales were up from year ago levels in about half all local markets, led by Greater Vancouver and the Fraser Valley, Calgary, and Greater Toronto. Two storey single family homes continue to post the biggest year on year price gains with growth of 6.79%, followed by town houses at 5.63%. Price growth was comparatively more modest for one storey single family homes at 4.2% and apartments were up 3.18%. Price growth varied among housing markets tracked by the index. In Calgary prices were up 8.53%, in Greater Toronto they increased by 7.73% and Greater Vancouver was up 5.69%. These areas have continued to post the biggest year on year increases. By contrast, prices in Regina declined by 3.36%. Prices were up between 1.6% and 2.8% year on year in the Fraser Valley, Victoria, and Vancouver Island, by less than 1% in Saskatoon and Ottawa, flat in Greater Montreal and down by less than 1% in Greater Moncton. The MLS® Home Price Index provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is. The actual (not seasonally adjusted) national average price for homes sold in November 2014 was $413,649, up 5.7% from the same month last year. The national average home price continues to be raised considerably by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. Excluding these two markets from the calculation, the average price is a relatively more modest $331,743 and the year on year increase shrinks to 5%. ‘The Canadian housing market remains a story about how sales and prices are still running strong in some areas while others are seeing subdued levels of activity with slower price gains or modest price declines,’ said CREA president Beth Crosbie. The data also shows that the number of newly listed homes edged down 0.4% in November compared to October. Led by Greater Toronto, new supply was down in just over half of all local markets. The national sales to new listings ratio was 56%, marginally tighter compared to the previous three months in which it averaged 55.7% but CREA said that the… Continue reading →
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