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Toronto Real Estate

Average Canadian house price tops $1/3 million!

Canada 's astonishing real estate market continued in June, as MLS® sales shattered all previous records in the first half of 2007. According to The Canadian Real Estate Association (CREA), resale home sales activity remains on pace to set a new annual record this year. This news is particularly remarkable when you consider that we're surpassing the performance of another record-breaking year. And the forward momentum is expected to continue.

If you're thinking of selling, you'll be glad to know that according to CREA, the major market MLS® residential average price rose 10% year-over-year in the second quarter to set a new record. Average price also set a new monthly record in June, climbing 10.4% year-over-year to $335,180. That's right; the average national house price has now surpassed the one-third of a million dollar mark! The new record is all the more startling when you realize that just two short months ago it made news when the average Canadian house price broke through the $300,000 mark for the very first time.

Of course, that new national average price of over $335,000 encompasses many diverse markets across the country. As you'd expect with a new national record being set, prices have been climbing in local markets all across Canada . Average price reached the highest monthly level on record in Victoria , Regina , Saskatoon , Winnipeg , Kitchener , Ottawa and Halifax . On a quarterly basis, the MLS® residential average price set records in almost all major markets.

If you're a potential buyer, don't be discouraged. It's not too late to act! A recent CREA forecast says that we're not done yet! CREA predicts the annual national average price will rise by 9.5% in 2007 and by an additional 5.5% in 2008. There's still some room to grow and some equity to be built if you buy now.

Do you want to know what homes are selling for in your area? More importantly, would you like to know how to use this information to your best advantage? Then it's a good time to contact me at http://www.epsteinrealestate.com

In addition, if you have any general questions about buying or selling real estate in Ontario, please contact me as I'm more than willing to help.

Published Thursday, July 26, 2007 9:35 AM by Jordan Epstein

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