The average price of a Canadian home was $456,186 in November, a 10.2 per cent increase compared to the same month a year earlier.
The Canadian Real Estate Association also noted Tuesday that stripping out the expensive and large markets of Toronto and Vancouver, the average price would have been $338,969 — a 3.4 per cent gain compared to November 2014.
The number of homes sold also increased, by 1.8 per cent from October’s level, to reach its highest monthly level in six years. On an annualized basis, sales were almost 11 per cent higher last month than they were in the same month a year ago.
The number of homes sold also increased, by 1.8 per cent from October’s level, to reach its highest monthly level in six years. On an annualized basis, sales were almost 11 per cent higher last month than they were in the same month a year ago.
Home sales normally start the year slow before peaking in the spring and summer when everyone is in a buying mood, and then cool down again to end the year.
But that’s not happening this year, as strong sales are continuing. Recent government changes to mortgage rules that will force homeowners of properties valued at more than $500,000 to have larger down payments are likely to keep sales strong as some buyers may rush to get in under the wire, CREA’s president said.
“Recently announced changes to mortgage regulations will likely boost sales activity in the short term, as buyers jump off the fence to beat the changes before they take effect next year,” Pauline Aunger said. “Even so, some housing markets stand to be affected by the changes more than others.”
Full story here:
http://www.cbc.ca/news/business/crea-housing-november-1.3365671
