Canadian home resale prices rise to record in May

admin — Wed, 17 Jun 2009 15:13:23 +0000

This is the latest article regarding the health of the Canadian real estate industry for the month of May. Published today on the msn finance page. Certainly worth a read as it shows the Real Estate market in a very positive light. As I noted in my post yesterday Canmore real estate is starting to move again with increased activity driving the sales.

REUTERS

June 15, 2009

TORONTO (Reuters) – Resale prices for Canadian homes rose to their highest average on record in May, while sales activity climbed for a fourth straight month as consumer confidence strengthened, according to an industry report released on Monday.

But rebounding sales in some of the most expensive markets skewed the national average, the Canadian Real Estate Association said in the report.

The average home price last month rose 0.4 percent to C$319,757 ($282,971), topping the previous record set a year ago. It was the first year-over-year increase since May last year.

The average price has recovered 16.4 percent from the low reached in January, CREA said.

Home sales rose 8 percent to 37,649 units in May from April, the fourth consecutive monthly increase on a seasonally adjusted basis. Nationally, 49,521 units changed hands in May, down 0.8 percent from a year ago.

“New records were posted in only 15 percent of local markets in May, none of which are among the most active or expensive,” CREA said.

“The strong rebound in sales activity, not price, in Canada’s most expensive markets is driving up average prices nationally and in some provinces, just as a sharp decline in activity in these markets pushed average prices lower in late 2008.”

Of the 25 major markets that CREA tracks, 14 reported rises in unit sales year-over-year, with five markets, mostly in the western provinces of Alberta and British Columbia, posting double-digit increases.

Prices rose in 14 markets, led by a 17.3 percent increase in Newfoundland and Labrador and a 12.1 percent climb in Saint John, New Brunswick.

($1=$1.13 Canadian)

http://soldbyrichard.wordpress.com/2009/06/15/real-estate-news/

reviewed by Moishe Alexander, CFC CEO

Report from Moishe Alexander: Toronto Real Estate Average Prices

admin — Mon, 15 Jun 2009 18:51:02 +0000

With the Toronto Real Estate starting to grow month over month we are seeing more and more comparisons to average prices.

True, the month over month statistics show an increase in resales from January 2009. This is good because we sense at the very least a direction of the entire Real Estate Market both for the City of Toronto and the GTA as well.

It gives homebuyers and home buyers a sense of direction and this can definitly help in the purchase or selling of a home. Even different neighbourhoods will hold up their value even in a down Real Estate Market.

We like to follow Toronto Condos in certain Central Districts to do just that, find a direction the resales are taking not only in price but sales as well. We picked the bigger districts with the most sales top give a rounder view of the “averages”. A smaller Central District with just a few resale Condos in Toronto would give a different picture than another Central District with 700 sales.

http://torontocondos.wordpress.com/2009/06/15/toronto-real-estate-average-prices/

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Canadian home resale prices rise to record in May

Report from Moishe Alexander: Toronto Real Estate Average Prices