OTTAWA – April 16, 2012 – According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity edged higher in March 2012.
Home sales rose 2.5% from February to March.
- Actual (not seasonally adjusted) activity stood 1.6% above levels in March 2011, the smallest year-over-year increase since last April.
- The number of newly listed homes eased 0.3% from February to March.
- While still well balanced, the national housing market tightened due to the rise in activity.
- The national average home price edged down 0.5% on a year-over-year basis in March.
Sales activity over MLS® Systems of Canadian real estate Boards and Associations rose 2.5 per cent from February to March 2012. The increase lifted national activity to its highest monthly level since April 2010.
A total of 108,373 homes traded hands in the first three months of the year. This is 5.0 per cent above the five-year average for first quarter sales, 3.8 per cent above the 10-year average, and 4.4 per cent above activity in the first quarter of 2011.
“Average prices are up from year-ago levels in most large urban centres,” said Gregory Klump, CREA’s Chief Economist. “The slight decline in the national average price points to a tug of war between Toronto and Vancouver from the standpoint of their sales mix compared to last year.”