The Canadian Real Estate Association (CREA), recently released national sales statistics for December of 2019.
According to the report, "Home sales recorded over Canadian MLS® Systems edged down 0.9% in December 2019, ending a streak of monthly gains that began last March. Activity is currently about 18% above the six-year low reached in February 2019 but ends the year about 7% below the heights recorded in 2016 and 2017."
"National measures of market balance continue to mask significant and increasing regional variations. The number of months of inventory has swollen far beyond long-term averages in Prairie provinces and Newfoundland & Labrador, giving homebuyers ample choice in
these regions. By contrast, the measure is running well below long-term averages in Ontario, Quebec and Maritime provinces, resulting in increased competition among buyers for listings and providing fertile ground for price gains. The measure is still within a balanced market territory in British Columbia but is becoming increasingly tilted in favour of sellers."
"Home price trends have generally been stabilizing in the Prairies in recent months following lengthy declines but are clearly on the rise again in British Columbia and in Ontario’s the Greater Golden Horseshoe (GGH). Further east, price growth in Ottawa and Montreal has been ongoing for some time and strengthened toward the end of 2019."
Highlights of CREA's report
- National home sales declined by 0.9% on a month-over-month (m-o-m) basis in December.
- The actual (not seasonally adjusted) activity was up 22.7% year-over-year (y-o-y).
- The number of newly listed properties dropped by a further 1.8% m-o-m.
- The MLS® Home Price Index (HPI) advanced by 0.8% m-o-m and 3.4% y-o-y.
- The actual (not seasonally adjusted) national average sale price climbed 9.6% y-o-y.
Read the entire report on Canadian MLS® sales for December 2019.
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