Real Estate Blog - home prices

Big Price Gains Continue into 2022

Posted by Infinity Admin on March 1st, 2022

The latest data from the Canadian Real Estate Association (CREA) shows the actual average Canadian home price hit a record $748,450 in January 2022, up 21% from the same month last year.

On a month-over-month basis, national home sales edged up 1%, yet the number of newly listed properties dropped 11% from December, helping to create some of the tightest market conditions ever recorded.

The sales-to-new listings ratio rocketed from 78.7% in December to 89.4% in January—to put this into perspective, the long-term average is 55%.

While January 2022 home sales were 10.7% lower compared to this time last year, it’s still the second-highest level on record for that month.

“The ideal situation between now and the summer would be that a huge…

260 Views, 0 Comments

Price pressures in major Canadian markets expected to ease by second half of 2022: RBC Economics

Posted by Teri-Lynn Jones on December 8th, 2021

Photo: Spiroview Inc. / Adobe Stock

Home prices in prominent Canadian markets ramped up last month, but the acceleration we’re seeing now is expected to ease off by the second half of next year as these markets become more balanced.

In an RBC Economics Thought Leadership report published this week, senior RBC economist Robert Hogue said that property prices “reaccelerated further” in major markets during November thanks to strong demand and dwindling inventories.

In the Greater Toronto Area, “aggressive” bidding drove the composite MLS Home Price Index (HPI) up 3.9 per cent from October to $1,173,000. Over the past two months, GTA prices have climbed 2.2 per cent and 4.3 percent, resulting in a $114,000 increase over a three-month period.…

267 Views, 0 Comments

2021 already a record year for Canadian home sales

Posted by Teri-Lynn Jones on November 26th, 2021

Statistics released by the Canadian Real Estate Association (CREA) show national home sales have already set a new annual record in 2021.

HIGHLIGHTS

• National home sales rose 8.6% on a month-over-month basis in October.

• Actual (not seasonally adjusted) monthly activity was down 11.5% on a year-over-year basis.

• The number of newly listed properties climbed by 3.2% from September to October.

• The MLS® Home Price Index (MLS® HPI) rose 2.7% month-over-month and was up 23.4% year-over-year.

• The actual (not seasonally adjusted) national average sale price posted an 18.2% year-over-year gain in October.

 NATIONAL RESIDENTIAL STATISTICS

Home…

570 Views, 0 Comments