- Condo Market
Canada's Home Prices
Canada’s Home Prices have been quite unstable in recent years. The Canadian housing market experienced a turning point in May, as the average home price in the country rose year over year for the first time in 12 months. According to data released by the Canadian Real Estate Association (CREA), the national average home price reached $729,000 in May, representing a 3.2% increase compared to the same period last year. Strong sales in the Lower Mainland of British Columbia and the Greater Toronto Area (GTA) were the main factors driving this positive development. In addition to the rise in prices, home sales also continued their upward trend in May, with a 5.1% increase from the previous month. This followed a significant surge in April and smaller gains in February and March. Approximately 70% of local markets, including major cities like Toronto, Montreal, Vancouver, Calgary, Edmonton, and Ottawa, witnessed an increase in sales.
Home Sales in Canada
The year-over-year increase in home sales, which was 1.4% higher than May 2022, marked the first national sales growth in almost two years. CREA chair Larry Cerqua emphasized the positive momentum in the market but noted that the extent of the recovery on the sales side versus the price side would depend on the supply, which remains limited. Although there was a 6.8% month-over-month increase in inventory in May, overall supply levels remain historically low. Christopher Alexander, Re/Max Canada president, warned that if inventory does not increase significantly, the market could experience further price hikes. Situational demand is still greater than supply due to various factors, such as life events.
While additional interest rate increases before the end of the year might moderate price growth, Alexander believes that the recent 0.25% interest rate hike in June alone is unlikely to significantly affect consumer confidence. He also highlighted that many homeowners have gained substantial equity over the years, positioning them well to make moves in the market. Overall, the Canadian housing market’s recovery and the year-over-year increase in average home prices indicate a positive shift. However, the market’s trajectory will continue to depend on factors such as supply levels, interest rate movements, and consumer confidence.
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