05 May Report: Canadian Home Prices Rose Between January and February
Canadian home sellers saw home prices rise between the months of January and February, a new report from the Canadian Real Estate Association said.
Evidently, home sales prices increased 0.3 percent in February, suggesting a slight rebound after some Canadian cities were hit particularly hard by winter weather this year.
Recent Activity Seems to Favor Home Sellers
That’s not all that the Canadian Real Estate Association recently revealed in their report. Evidently, home sales were up 1.3 percent during the month of February as well.
And the Multiple Listing Home Price Index increased 5.1 percent year-over-year in February. Meanwhile, the number of newly listed homes increased 0.6 percent month-over-month during that same month.
Here is some more data that is sure to be pertinent to home sellers:
- The number of regional housing markets were February saw an increase in home sales was about the same as the number of markets that saw home sales decline
- The average (and non-seasonally adjusted) home price in Canada increased 10.1 percent year-over-year during the month of February to 406,371 Canadian dollars.
- The real estate trade group also now says that home sales will reach 463,700 units in 2014, which is up 1.3 percent from 2013 but down from the 475,000 sales the trade group had predicted in December.
- Home sales are expected to increase 1.2 percent in 2015 to 469,400 units
- Meanwhile, the Canadian Real Estate Association expects that the national average home price will increase by 3.8 percent to C$397,000 in 2014, which is a little bit more than its December forecast of $391,100.
- Home prices are expected to increase by another 1.1 percent to C$401,400 in the following year.
Work With An Expert on the Canadian Real Estate Market
The national and local housing market are ever evolving, and if you’re not working with an experienced real estate agent, it could impact your ability to get the best possible result as a seller on the market.
So if you’re thinking about listing your Ottawa home anytime soon, please contact me, Bobbie McGowan. I would be happy to assist you by keeping you up-to-date on the latest housing market trends and working with you to form a comprehensive and strategic marketing plan tailor-made for your home!
Have a great day!