The Canadian Real Estate Association stated Wednesday that the typical value of a Canadian resale residence was $539,000, up 6.5 per cent from the typical value a yr earlier.
Canada’s housing market went right into a deep freeze when pandemic-related lockdowns started in March, inflicting exercise in March and April to fall to file lows.
But gross sales picked up in May as restrictions eased, and that momentum appears to have adopted by into June.
A complete of 41,628 houses modified palms through the month, a rise of 63 per cent from May’s stage, and a bounce of greater than 15 per cent in comparison with June 2019.
Sales had been up in Canada’s largest cities in comparison with May:
- Toronto, up 83.eight per cent.
- Montreal, up 75.1 per cent.
- Greater Vancouver, up 60.three per cent.
- B.C.’s Fraser Valley, up 99.7 per cent.
- Calgary, up 54.9 per cent.
- Edmonton, up 59 per cent.
- Winnipeg, up 22.5 per cent.
- Hamilton-Burlington, Ont., up 34.eight per cent.
- Halifax-Dartmouth, up 55 per cent.
- London and St. Thomas, Ont., up 67.9 per cent.
- Ottawa, up 55.6 per cent.
- Quebec City, up 43.6 per cent.
CREA’s chief economist Shaun Cathcart stated the market has recovered “much faster than many would have thought, but what happens later this year remains a big question mark.
“That stated, each day monitoring means that July, no less than, might be even stronger.”
Prices, on average, were double-digits higher in fifteen of the 26 biggest markets in Canada, compared to where they were a year ago.
CREA says the average price figure can be misleading because it can be easily skewed by sales in big and expensive markets like Toronto and Vancouver. So the group calculates another number, known as the House Price Index, which strips out those effects and adjusts for the mix of different homes in different markets.
The HPI went up at an annual rate of 5.4 per cent in June, CREA said.
“Generally talking, costs are re-accelerating east of Manitoba except for Toronto for now.,” CREA said. “B.C. costs are additionally selecting up except for Vancouver. Home costs are declining in Calgary, whereas elsewhere on the Prairies costs are both flat or rising.”