The Canadian Real Estate Association reports that the MLS Home Price Index rose 5.2 per cent year-over-year in April. But, when taking a closer look at the info, it appears home price trends across the country continue to diverge.
Similar to the previous few months, the overall MLS Home Index Price rose year-over-year in April 2012. Toronto posted the largest year-over-year increase at 7.9 per cent, while Calgary experienced gains of 4.0 per cent. In Vancouver and the Fraser Valley the gains were 3.7 per cent and 2.7 per cent respectively, and Montreal experienced a modest gain of 2.3 per cent.
But, there are diverging trends amongst the major Canadian markets. In Vancouver, the year-over-year price growth slowed, and in the Fraser Valley, it moderated.
This wasn’t the case elsewhere. Toronto and Calgary both saw significant advances.
For the second month in a row, Toronto’s price index accelerated. According to Wayne Moen, CREA’s President, “Toronto has less than two months of supply compared to six months nationally, so it ranks among the tightest of Canadian housing markets. With prices moderating in some housing markets and bucking the trend in others, buyers and sellers should talk to their local REALTOR® to best understand how home price trends are evolving where they live.”
Obviously, there are some differences emerging across the major markets right now. We look forward to watching these trends when CREA’s May report is released next month.