The Canadian Real Estate Association released a well surveyed data analysis which sheds light on the Canadian housing development. It also provided detailed reports of all the provinces.
Looking at each province diligently, British Columbia housing market demonstrates a positive sign of market recovery with home prices increasing to $752,514, a 4.2% increase in May. Notwithstanding, the increase in home rates, sales were down to a total number of 12,403 homes sold in May, which represents a 7.8% debility. This improvement in the B. C. market, was occasioned by stringent measures introduced by its government to cool down the market.
Alberta numbers proved beyond doubt that the days of the poor housing era, which was caused by decreasing oil prices, are over. The figures measured in the region portray that it is retaining a steady price growth at 9.1% to $412,382, with a total number of 6,251 homes sold. Immense advancement has also been registered in between the demand and supply.
Median home sales in the Saskatchewan province also catapulted to an amount of $302,720, nonetheless, there was a decline in home sales to 1,224.
Huge increment was seen in both home prices and sales in Manitoba’s leading housing markets, with Thompson in first place. Home prices in the province arose by 17% to $224,110, with a 75% sales increase.
In the GTA, Ontario documented the most noteworthy debility of 25.3% in May, whilst housing activities declined in other areas such as, Oakville, Hamilton and Barrie.
CREA President Andrew Peck, mentioned that, “The market activity in Ontario, with the assistance of new government, was brought under control due to measures applied in the month of April.
Quebec also had saw a rise in both sales and prices at 13.4% and 5% respectively, whilst the median home price was pegged at $299,542.
In conclusion, the Eastern Canada markets were at an equilibrium, following an year of tight activity. Housing markets including New Brunswick, Nova Scotia and Prince Edward Island, were more stable this year in comparison to other markets in the region.