22 May Report: Canadian Home Prices Jumped in March
The month of March was rather successful when it came to home prices, according to a recent report from the Canadian Real Estate Association.
Evidently, sales of existing homes in Canada increased from February to March, with more and more buyers flocking to the market after a long and cold winter.
This is great news for area home owners on the market hoping to list their properties and attract qualified and interested buyers. Continue reading to learn more about this recent trend.
Positive Signs of Growth in Ottawa, Canada
Here’s a look at the current state of the Canadian real estate market, according to the Canadian Real Estate Association:
- Sales activity increased 1 percent last month between February and March, after there was a also an increase in sales activity from January to February.
- These back-to-back monthly gains came after five months of declining sales, which a lot of experts attributed mostly to the cold weather.
- Actual sales in March (which were not seasonally adjusted) were up 4.9 per cent year-over-year.
- Meanwhile, the Canadian Real Estate Association’s home price index increased 5.2 per cent from March 2013, which is a little bit more than the 5.1 per cent gain that February saw year-over-year.
- Mortgage rates were lower in recent weeks, although they are expected to increase later this year.
- Experts are now saying that they expect sales and new construction to level off in 2014 or 2015. Additionally, they are saying that they expect mortgage rates and home prices to climb overtime.
- Home sales in March increased in more than half of the regional housing markets that were surveyed, with the largest gains in such urban markets as British Columbia, Alberta and Ontario.
- The number of newly listed homes increased 0.5 per cent from February to March .
- The national sales-to-new listings ratio was 52.5 per cent in March, which was very close to the 52.3 per cent it was in January and February.
- Since early 2010, the ratio has stayed between 40 and 60 per cent, signaling a balanced market.
- When not seasonally adjusted, the national average price for homes sold in March was $401,419, an increase of 6 per cent from the same period a year ago.
Interested in Listing Your Ottawa Home Anytime Soon?
We’re you’re expert Ottawa REALTORS® and we’d be happy to assist you by answering any questions you may have about navigating the Ottawa real estate market as well as providing you with such useful tools as our moving tips.
Until next time,