Prices are recovering in Vancouver as buyers previously put off by affordability issues and housing policy jump back into the market.
“In the Fraser Valley and Greater Vancouver, prices have been recovering in recent months after having dipped in the second half of last year,” CREA said in its latest housing release. “On a year-over-year basis, home prices in the Fraser Valley and Greater Vancouver remain well above year-ago levels (+19.4% y-o-y and +12.7% y-o-y respectively).”
Recovery, albeit slow, appears to be underway in oil country as well.
Of the 10 markets CREA compiles stats for, six experienced home price growth year-over-year in March.
Sales were also up in 90% of Alberta markets, led by Calgary with 2,384 sales (+21.9$ y/y) and Edmonton with 1,753 (+12.4%).
Home sales and average price were down in Saskatchewan last month.
A total of 971 homes were sold (-1.9% y/y) at an average price of $294,787 (-1.7%).
Manitoba, meanwhile, enjoyed slight upticks in both prices and sales; sales were up 3.9% year-over-year, and the average home price jumped 4.4% year-over-year to $289,503.
“The current strength in national home sales mainly speaks to what’s going on in and around Toronto,” said CREA President Andrew Peck. “Elsewhere, sales either remain slow or well below previous heights.
High home prices in the GTA continue to encourage spill over to outlying markets.
Oakville unseated York Region as the priciest market in Canada last month, with the average home selling for $1,209,880.
Montreal was one of the leading cities in terms of sales growth in March.
“March sales were up from the previous month in more than half of all local markets, led by the Lower Mainland of British Columbia, London & St. Thomas and Montreal.”
Agents in New Brunswick enjoyed a busier March than usual, with home sales jumping 10.4% to 628.
Home sales were down in Halifax (-5.6% y/y), the province’s largest market, but the average price jumped 5% to $294,246.
PEI and Newfoundland
PEI had a quietly solid month with the average price increasing 2.8% to $187,977 in March.
Newfoundland & Labrador, meanwhile, saw both unit sales drop (-9% y/y) and the average price (-2%).
CREA releases latest stats, warns against further housing policy
Institute argues against foreign buyer tax
According to the latest housing stats released by the Canadian Real Estate Association.