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Toronto Market conditions

Average Canadian home price tops $300,000 for the first time

Canada's red-hot real estate market continues to surpass forecasts as it climbs to new heights. Now a new milestone has been reached for home prices in Canada. The national MLS® residential average price topped the $300,000 mark for the first time ever this April, climbing a surprising 9.3% year-over-year to $305,542 according to statistics released by The Canadian Real Estate Association (CREA).

The surge in home prices was seen throughout the country. The average home price set new records in British Columbia, all Prairie Provinces, Ontario, Québec, and Nova Scotia.

The market continues to boom as record numbers of new listings are coming on the market to meet this growing demand. According to CREA, seasonally adjusted new MLS® listings reached 70,384 units in April. This was 1.3% above the previous record set in September 2006, and represents the first time ever that new listings for a single month has exceeded 70,000 units. The monthly increase largely resulted from a rise in new listings in British Columbia, Alberta, and Ontario. These new listings added to the available inventory of homes for sale should be sufficient to sustain current market demand.

A larger monthly increase in new listings than for sales activity caused the resale housing market to become more balanced in April. The MLS® housing market remains tightest in Saskatchewan, but the trend is becoming more balanced in other Western provinces. In contrast, the market has tightened in Ontario and Québec in recent months.

According to CREA's Chief Economist, the record-breaking resale housing market activity in April was built on strong momentum from the first quarter. A strong job market and low and stable interest rates will continue to buoy home sales activity, even as prices continue to rise.

Any way you look at it, it all adds up to very active residential real estate markets right across Canada. If you'd like to more specific information about sales, listing inventory or home prices within your community, contact me at http://www.epsteinrealestate.com

Published Saturday, June 30, 2007 11:08 AM by Jordan Epstein

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