According to the Canadian Real Estate Association (CREA), national resale housing activity rose higher in March 2012 with an increase of 2.5% from February to March. Newly listed homes rose only 0.3% from February to March and the national average home priced actually edged down 0.5% on a year-over-year basis in March.
The 2.5% increase in sales from February to March 2012 was the highest monthly level in national activity since April 2012. This increase in activity was seen in two-thirds of local markets, with the biggest contributors being Toronto, Calgary and Edmonton.
The first quarter of 2012 saw a total of 108,373 homes traded in Canada, 5% above the five year average for first quarter sales and 4.4% above activity seen in the first quarter of 2011.
“The spring housing market is off to a good start,” said Wayne Moen, CREA’s President. “The number of sales and newly listed properties are up from levels last year, and the vast majority of housing markets remain balanced. That said, all housing is local, so buyers and sellers should talk to their local REALTOR to understand current and prospective trends where they live.”