On June 16th, the Canadian Real Estate Association released their latest report showcasing significant national home sales compared to the month prior for May 2014.
Home sales conducted through the Multiple Listings Service (MLS) across the country were up 5.9 percent in May 2014 when compared to April 2014. According to the CREA, this 5.9 percent month over month increase represents the largest month over month increase in almost four years.
The Canadian Real Estate Association also reported that 80% of local markets reported increased sales, led by Calgary, Montreal and the Greater Toronto Area
Actual activity in the month of May was up 4.8 percent year over year, and up 3.8 percent when compared to the 10 year average for the month of May. Year over year, sales in the month of May were up in approximately 60 percent of local Canadian real estate markets – led by the Greater Vancouver region, Calgary, GTA and Fraser Valley.
The number of new listings on the MLS system also increased. A 3.8 percent rise in the number of newly listed homes marked the fourth straight month with an increase in new listings.
Home prices followed suit across Canada, posting a national average price of $416,584, compared to $388,968 in May 2013. The CREA noted that the price increases continue to be fueled by greater sales activity in the Greater Toronto and Greater Vancouver area – two of Canada’s most expensive and largest housing markets. After removing the GTA and Vancouver regions, national prices are $336,373 – a 5.3 percent increase year over year.
For further information, please visit http://crea.ca/statistics.
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