The Canadian resale market continues to see sales and price growth, even during the typically sleepy month of July. According to the Canadian Real Estate Association (CREA), the amount of transactions for resale homes in Canada rose 0.8 per cent on a month-over-month basis in July 2014. Though that’s not exactly a dramatic amount, it was the sixth month in a row where sales rose month-to-month and it was the highest monthly amount since March 2010.
“On the surface, national sales activity in July was similar to what we saw in May and June,” said CREA President Beth Crosbie, in the news release. “That said, July sales picked up in markets that struggled to gain traction in the spring, while activity eased slightly in some of Canada’s largest urban markets.
Here’s what we know about last month’s sales numbers:
- 60 per cent of all local housing markets saw a growth in transactions, with Victoria, Winnipeg, London and St. Thomas, and Ottawa leading month-to-month growth.
- Compared to the same time last year, sales in July rose 7.2 per cent with 70 per cent of local markets reporting an increase from 2013.
- Greater Vancouver and Fraser Valley, the Okanagan region, Calgary, Winnipeg, Greater Toronto, Hamilton-Burlington, London and St. Thomas, and Ottawa all saw robust year-over-year sales growth.
- Year-to-date, transactions were up 4.7 per cent from the same time in 2013 and in line with the 10-year average.
While sales continued to march up and up, prices were also trending upwards. Here’s a breakdown of price changes in July 2014:
- CREA’s MLS Home Price Index rose 5.33 per cent year-over-year, though June recorded a very similar increase of 5.4 per cent.
- Two-storey single family homes measured the biggest Home Price Index boost, rising 6.32 per cent from last year.
- The low-rise market remained hot with bungalows recording price gains of 5.47 per cent and townhouse/row units seeing 5.33 per cent growth.
- Apartment units, or condos, saw less dramatic growth with the index rising by 3.18 per cent.
- For cities, Calgary led year-over-year growth with a massive 10.48 per cent increase; it was followed by the GTA (7.88 per cent), and Greater Vancouver (4.44 per cent).
- The actual average price for a Canadian home sold in July was $401,585, up five per cent from the same month last year.
- If you remove Toronto and Vancouver from the equation, the national average drops down to $327,988 and the year-over-year increase is more modest at four per cent.
For more details, check out the tables below: