Canadian Home Sales Hit Record in March

In order to purchase a home in Canada, it will now cost an average of nearly $367,000 and much more if buyers are looking in the Toronto and Vancouver areas.

According to the Canadian Real Estate Association, CREA, a record number of houses were sold in the month of March, pushing the average cost of a home to new highs.

The average selling price of a home in the country jumped 15.7 per cent last month from the previous year, reaching an average of $508,567. However, if the two most expensive real estate markets - Toronto and Vancouver were excluded, the national average price was $366,950 in March.

In the Greater Toronto Area, the prices of homes increased 11.6 per cent. In British Columbia, the housing markets in the Greater Vancouver area and Fraser Valley region experienced the largest gains in house prices. House prices in the Greater Vancouver area increased 23.2 per cent. Prices of homes in the Fraser Valley region went up by 22.1 per cent.

In other regions in the country, the prices of homes decreased. Calgary home prices decreased by 3.7 per cent in comparison to last year. In Saskatoon, the prices of home went down by 2.7 per cent.

Sales activity increased by about 60 per cent in all local markets from February, including in Victoria, the Okanagan region, Edmonton, Calgary, Woodstock-Ingersoll, Barrie, Kingston and Montreal.

Sales in Toronto decreased 1.8 per cent in March from February. Sales activity in Vancouver also fell 0.3 per cent.

Reference: CTV News

http://www.ctvnews.ca/…/canadian-home-sales-hit-record-in-m…