This article was last updated on April 16, 2022
The Canadian Real Estate Association released its statistics for the month on Monday, depicting that home prices in Canada are continuing to gain prices at an increasing course in March regardless of a considerable decrease in the number of homes sold. The statistics showed that the number of sales on the group’s MLS system has reduced by 15.3 per cent in March 2013, in comparison to the same month a year earlier. However, regardless of that decrement, prices have still increased even more, bringing the average price of a Canadian resale home to $378,532 in March, i.e. an approximated 2.5 per cent increase from a year earlier.
The chief economist at CREA, Gregory Klump, mentioned that “the factors that crimped March sales this year were not in play for the same month last year, resulting in speculation that the gap between sales activity this March and March of last year would be bigger than it was in February.” He explained “that the gap in fact improved marginally speaks to the resilience of housing demand in Canada.”
On the other hand, the agency detailed that fewer sales were recorded in the huge Vancouver and Toronto housing markets, in contradictory to an increment observed in Calgary and Edmonton area. In his research note, a TD economist, Sonya Gulati, alleged that the “housing is always a regional story and this month is no exception,” and “the tug-of-war across the major markets is set to endure leaving national price gains flat for the year as a whole.”