24 May
Aprilâs housing data revealed that the sale of homes dropped down in most major metro markets in the country. It is necessary to highlight that Toronto real estate market led the way with sales going down 41% year-over-year. The average prices, on the other hand, also reduced on a monthly basis in Greater Toronto Area, nevertheless, in other urban areas outside of Ontario, the prices continued to rise.
The GTA real estate market noted the biggest retreat in prices, which were down 3.5% from March, however, the prices were still 15% up year-over-year. Ottawa also saw prices dip 2.7% from March but were up 13% from a year ago. In other real estate markets such as Vancouver, Calgary, and Montreal, the price increased 1% month-over-month, 1.6% increase, and a 2.5% increase respectively in each market.
It is imperative to consider that February noticed the peak rise in national home prices and moving forward the prices fluctuated and reduced slightly. Data provided by the Canadian Real Estate Association also showcased the same trend, but prices are still continuing to rise in cities outside of Ontario. Following is a comparison of prices in April compared to February:
- Greater Toronto Area: -6%
- Greater Vancouver Area: +5%
- Montreal Census Metro Area: +5%
- City of Calgary: +5%
- City of Ottawa: -1%
Considering the above figures, analyst Ben Rabidoux pointed out that some of these figures might be misleading because âHouse price indexes a poor job of picking up sharp inflection points. Prices are already down from the February peak in major markets, but it will take several months before this shows up in HPI data,â. âPrice gains nationally are moderating, and may register declines late this year,â he added. âMarkets balance is weakening, but with months of inventory still just 1.8, it will take several more months of deteriorating trends before headline prices officially print negative.â
Here’s a look at the April statistics from some of the countryâs regional real estate boards:
| Sales | MLS Home Price Index | New Listings | |
| Greater Toronto Area | Sales: 8,008 -41.2% (YoY) -27% month-over-month (MoM) | $1,254,436 +15% (YoY) -3.5% (MoM) | 18,413 -11.7% (YoY) -8.1% (MoM) |
| Greater Vancouver Area | 3,232 -34.1% YoY -43.4% MoM | $1,374,500 +18.9% YoY +1% MoM | 6,107 -23.1% YoY -8.5% MoM |
| Montreal Census Metropolitan Area | 5,124 -17% YoY -6.7% MoM | Median Price (single-family detached): $580,000 +16% YoY +2.5% MoM Average Price (condo): $410,000 +15% YoY +7.6% MoM | New Listings: 7,217 -8% YoY -12.7% MoM |
| Calgary | 3,401 +6.1% YoY -17.2% MoM | Benchmark Price (all housing types): $526,700 +2% YoY +1.6% MoM | 4,577 -2.1% YoY -16.5% MoM |
| Ottawa | 1,889 -21% YoY -6% MoM | Average Price (single-family detached): $830,588 +13% YoY -2.7% MoM | 2,846 -11% YoY +8% MoM |
