Home sales across the country hit a record high last month

April 20, 2017 Facebook Twitter LinkedIn Google+ Real Estate News Ottawa

Home sales across the country hit a record high last month

Home sales across the country hit a record high last month


House sales throughout the country reach a record high last month, propped up by trades in the popular marketplace of Toronto fuelling concerns about the city’s property sector.


On a seasonally adjusted basis, sales totaled up, 46,353 from 45,856 in February.


Bank of Montreal chief economist Doug Porter said where you stand on the matter of Canada’s home marketplace is dependent upon your geographical area.


“Nearly the whole state of Ontario’s home market is currently on fire, while the majority of the remaining part of the nation wonders what all the fuss is all about,” Porter wrote in a research note.


The most recent data that was sales came ahead of a meeting between the national as well as Mayor John Tory and Ontario finance ministers to discuss soaring house prices in the Greater Toronto Area, which have jumped by more than 30 percent in the past year.


Excluding Greater Toronto and Greater Vancouver, the average cost was. $389,726


Compared with a year past, real sales in Canada, not seasonally adjusted, were up 6.6 percent.


But it wasn’t only whopping increases being posted by Toronto.


Ottawa increased 28.6 percent.


Sales in Greater Vancouver, when the state’s most popular real estate market, dropped 31.5 percent compared with a year past. However, the area was up 4.1 percent on a month-over-month basis.


CIBC deputy chief economist Benjamin Tal said it seems like the Vancouver market has hit bottom and began to recuperate.


Sales in Vancouver cooled this past year in the aftermath of a tax on foreign buyers. Tal said the fall was due to national buyers waiting to see what the effect of the tax would be. Nevertheless, they may be back in the marketplace.


“I believe Vancouver will see an extremely powerful spring,” he said.


CREA said the quantity of newly listed houses rose 2.5 per cent in March, led by increases in the Toronto area, Calgary, Edmonton and B.C.’s Lower Mainland.


There were 4.1 months of inventory nationwide at the end of March 2017, down from 4.2 months the month before. Learn more about the difference Buyers Agent and Sellers Agent in Ottawa.