Canada’s real estate market continues to post strong results with both the number of sales and average price edging upward. According to a news release issued on May 15, 2014 by The Canadian Real Estate Association (CREA), national MLS® home sales activity picked up in April for the third consecutive month-over-month increase.
- National home sales on MLS® rose 2.7% from March to April.
- This is the third consecutive month-over-month gain, and the largest increase since last August.
- Actual sales activity was little changed from April 2013, just 0.3% below levels at the same month last year.
- The number of newly listed homes climbed 2.9% from March to April.
- New listings were up in about 60% of local markets.
- The Canadian housing market remains in balanced territory.
- National inventory (a measure of how long it would take to clear the listings on the market at the current sales pace) is slightly tighter at 6.3 months
- Inventory has edged marginally lower each month since starting the year at 6.5 months in January
- Canada’s national average sale price rose to $409,708 in April
- This represents a 7.6% increase over April of last year.
- The MLS® Home Price Index (HPI), a measure of prices in Canada’s most expensive urban markets, rose 5.0% year-over-year in April.
Of course these highlights represent the ‘big picture’ from a national perspective. Sales, home prices and inventory of properties for sale can vary dramatically from market to market, between neighbourhoods, and even on the same street. For insights on your local real estate market, talk to your local Coldwell Banker professional. Let’s talk real estate!