This is your cross-Canada snapshot of current real estate trends.
Agents in B.C. continue to enjoy the spoils of an unprecedented housing boom. Total sales came in at 12,906 in June, up 14.3% year-over-year. Prices continued to boil as well, with the average home selling for $694,925 – up 10%.
Vancouver continues to lead the way for B.C. real estate, with the average home now selling for $1,026,207, which is an increase of 11.3% year-over-year.
Not all B.C. markets are booming, though. Kootenay saw the average price drop 4.6% to $282,371 in June, despite an uptick of 19.2% in sales.
Oil country continues to struggle, with home sales dropping 9.2% year-over-year in June. Prices dropped in almost every market, save for Lethbridge – which saw a 2% uptick in average price – and Calgary (0.2%).
The Bread Basket of Canada saw its average home sales drop by 10.7% year-over-year last month. The average home now costs $297,837 – a slight 1.6% year-over-year decline.
There are two prevailing trends occurring in Manitoba real estate currently.
On the positive side, Winnipeg (+7.9) saw its sales increase. However, Portage Le Prairie (-8.5%), Brandon (-15%), and Thompson (-66.7%) experiences sales declines.
Ontario continues to truck along at a healthy clip, with sales increasing 6.5% to 28,030 total sales in June. The average price increased 13.9% to $544,009.
The average New Brunswick house sold for $170,044 in June, up 3.6%. There were 839 total sales last month.
Over in Nova Scotia, the average home now costs $226,272 – a slight uptick of 0.2% year-over-year. A total of 990 homes exchanged hands.
Prince Edward Island had a solid month in June, with the average price increasing 17.9% year-over-year to $192,115. Sales, meanwhile, came in at 225 – an uptick of 12.5%.
Finally, Newfoundland & Labrador had a sales boom, with 468 properties being sold. That was up 28.6% year-over-year. The average price, however, fell 3.5% to $270,664.
CREA’s latest report is chock-full of stats that point to trends in every Canadian real estate market. This is what agents need to know.