Canadian home sales edge slightly higher in March

Ottawa, ON, April 15, 2014 - According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity edged up on a month-over-month basis in March 2014

Highlights:

• National home sales rose 1.0% from February to March.
• Actual (not seasonally adjusted) activity stood 4.9% above March 2013 levels.
• The number of newly listed homes edged up 0.5% from February to March.
• The Canadian housing market remains in balanced territory.
• The national average sale price rose 6.0% on a year-over-year basis in March.
• The MLS® Home Price Index (HPI) rose 5.2% year-over-year in March.

Low Mortgage Rates a Key Driver in Spring Market

Vancouver, BC – April 15, 2014. 

The British Columbia Real Estate Association (BCREA) reports that a total of 6,661 residential sales were recorded by the Multiple Listing Service® (MLS®) in March, up 16.8 per cent from March 2013. 

Total sales dollar volume was $3.7 billion, an increase of 21.5 per cent compared to a year ago. The average MLS® residential price in the province rose to $562,316, up 4 per cent from the same period last year. 

“While home sales are up from a year ago, consumer demand in the province has largely been treading water over the first quarter,” said Cameron Muir, BCREA Chief Economist. “However, fewer homes for sale means that most BC markets are moving into balanced conditions, which signals no particular advantage to either home buyers or sellers.”

“Low mortgage interest rates are a key driver in the market, this spring,” added Muir. “It’s unlikely that mortgage rates will be at their current low level a year from now.”

During the first quarter, BC residential sales dollar volume was up 32.4 per cent to $9.5 billion, compared to the same period last year. Residential unit sales were up 21.1 per cent to 16,435 units, while the average MLS® residential price was up 9.3 per cent at $579,775.