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Home sales hit nine month high
Vancouver and Toronto lead increase in January as national average reaches $343,675.
Home sales in Canada increased 4.5 per cent in January over the previous month, their highest seasonally adjusted point since last April. The Canadian Real Estate Association said Tuesday the Vancouver and Toronto markets led the way, but there were gains in more than half of all local markets during the month.
"We anticipated the recent announcement of tighter mortgage regulations, which will come into effect this March, would pull forward sales activity into the first quarter of 2011, particularly in some of Canada’s more expensive housing markets,” CREA chief economist Gregory Klump said.
“The sharp rise in sales activity in Toronto following the announcement provides early evidence confirming this."
Klump was referring to Finance Minister Jim Flaherty's announcement in January that Ottawa will no longer insure mortgages of longer than 30 years.
National sales activity has improved steadily since last summer, and now stands almost 25 per cent above the low point reached in July 2010, CREA said.
The national average price for homes sold in January was $343,675. While little changed compared to the previous three months, much like the total sales numbers, the price figure is 4.5 per cent higher than the average price level in January 2010.
New listings of homes for sale normally post their biggest month-over-month increase in January, and January 2011 was no exception.
New listings more than doubled in January compared to the previous month, the largest such gain since 2007.
February 15, 2011 in Canadian Real Estate Market | Permalink
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Comments
Sales being up is always a good thing. Hopefully they continue to rise for a good while before the start to dip again.
Posted by: Austin Real Estate | Apr 11, 2011 12:10:49 PM
The market will continue to be very strong until the March 18th cut-off point (new mortgage rules take effect, which will only strengthen our economy in the long run) and at that point, things will cool off. But not for too long... The pool of prequalified buyers (many from abroad -- check our immigration stats people!) just keeps growing... And we don't blame anyone for wanting to live in the best city in the world!
TRG <3 T.O.
TheRealtorGroup.ca | On the Pulse of the Market...
Posted by: Mase | Feb 16, 2011 11:48:10 PM
The market will continue to be very strong until the March 18th cut-off point (new mortgage rules take effect, which will only strengthen our economy in the long run) and at that point, things will cool off. But not for too long... The pool of prequalified buyers (many from abroad -- check our immigration stats people!) just keeps growing... And we don't blame anyone for wanting to live in the best city in the world!
TRG <3 T.O.
TheRealtorGroup.ca | On the Pulse of the Market...
Posted by: Mase | Feb 16, 2011 11:48:10 PM
Up is always good, hopefully will be no big downs in the nearest future.
Posted by: RealtyNow.ca | Feb 15, 2011 8:10:33 PM
The market has come to life in Toronto, ever since the finance minister has anounced the shortening of ammortization rates, and since the banks have raised the 5 yr rate. Who's to tell if it will last until the spring or summer.
Posted by: Resale Toronto Condo | Feb 15, 2011 5:28:14 PM
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