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Wednesday, 20 February 2013
Canada's local markets experiencing price growth
Home sales in Canada appear to have successfully pulled out
of the dive they went into back in July of last year. That was when the federal
government tightened mortgage rules, reducing the maximum amortisation period
to 25 years.
The January figures from the Canadian Real Estate
Association show sales edged higher compared to December, increasing 1.3% in
this traditionally slow sales period. The association’s numbers show half of
the country’s local markets experienced increases, including Greater Toronto
and Greater Vancouver. Toronto rose 5.6% month-over-month and the battered
Vancouver market saw a 4.7% m/m improvement.
Compared to a year ago, home sales in January dropped 5.2%.
But CREA reports prices continue to rise. Using its MLS Home Price Index, the
association reports a 2% increase from a year ago. (The MLS Index uses a
different method of calculation than StatsCan or CMHC.) Vancouver continues to
show price declines, which pulled down the national average.
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Internal Account Manager Alberta & Prairies FNF