According to the latest data from the Canadian Real Estate Association (CREA), Canadian home sales increased, year-over-year, by 2.7 per cent in November. Similarly, the average national sale price rose 5.7 per cent when compared with data from November 2013.
Monthly sales increases were registered in many major housing markets, including Montreal, Edmonton, Winnipeg, Hamilton-Burlington, Barrie, and Windsor-Essex. The Greater Toronto Area, however, experienced a decline from October to November, despite being one of the most active housing markets in the country.
“The Canadian housing market remains a story about how sales and prices are still running strong in some areas while others are seeing subdued levels of activity with slower price gains or modest price declines,” says Beth Crosbie, CREA President.
Across the country, two-storey single family homes posted the largest year-over-year price gains at 6.79 per cent. Year-over-year price growth for the apartment sector indicated an increase of 3.18 per cent. Despite a decline in month-to-month sales, the Greater Toronto Area witnessed year-over-year price gains of 7.73 per cent, an increase exceeded only by Calgary (8.53 per cent).