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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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Nikki Maas
Internal Account Manager Alberta & Prairies FNF