Statistics released Friday by the Canadian Real Estate Association (CREA), still showed that home prices stayed above year-ago levels in March 2012. The report also revealed that year-over-year gains have been moderating and the increase seen in March was the smallest increase seen since last June.
Some of the highlights of the report include Toronto posting the largest year-over-year increase (7.3%), followed by Vancouver (5.3%), the Fraser Valley (3.3%), Calgary (2.6%) and Montreal at 2.2%. The largest year-over-year gains were for one and two-storey single family homes, rising 5.4% and 6.8% respectively. In addition, apartment prices rose by 3% and townhouse prices were up 2.6%.
According to Wayne Moen, CREA President, the "Overall price trends show that Canada's housing market continues to moderate… Price increases have been shrinking since last fall. While that trend paused in March, it may in part reflect an early spring in many parts of the country, resulting in increased competition among buyers. That said, headline numbers mask some important differences in price trends among local housing markets and housing types. Since all real estate is local, buyers and sellers should talk to their local REALTOR® to best understand how home price trends are shaping up where they live.”
Source: Full Report: Home prices up in March, but gains continue to moderate (PDF)