March Housing Trends

Here are some interesting trends in National housing from Maclean's Magazine

  • Sales of existing homes tumbled 15.8 per cent in February compared to the same month last year, the Canadian Real Estate Association said today.
  • The national average sales price edged down one per cent from year-ago levels.
  • On a monthly basis, sales slipped  2.1 per cent from January, the eleventh month of declines since the market started cooling in April 2012.
  • As much as 80 per cent of local markets saw lower sales activity in February 2013 than in February 2012.
  • Nationally, prices held up: single-family homes gained 4.2 per cent in annual terms, townhouses climbed 2.4 per cent and condos edged up 0.8 per cent.
  • Vancouver saw the largest declines in both sales (-29.4 per cent on annual basis) and prices (-5.6 per cent on an annual basis).
  • Despite a drop in sales, Toronto and Montreal saw home prices gain a modest 1.6 per cent from year-ago levels. That compares to average price gains of nearly seven per cent in 2012, according to TD Bank.
  • Edmonton bucked the trend with homes sales and prices up 18.2 per cent and 4.3 per cent respectively from January.
  • The ratio of home sales to homes newly up for sale held steady around 50 per cent in February, as both sales and new listings declined.
  • The MLS Home Price Index, which adjusts for the quality of homes sold, rose 2.7 per cent on an annual basis, the smallest gain since March 2011.

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