Mortgage Insurance Insights Newsletter
Housing Market Trends
November 24, 2015 | Mortgage Insurance Insights Newsletter
To view additional monthly aggregate house price data for 13 of Canada’s major cities, please visit the Brookfield RPS House Price Index site.
Source: CREA (The Canadian Real Estate Association)
HOUSING MARKET SUMMARY
- While overall house prices in Canada are up 8% from October 2014, virtually all of the appreciation can be attributed to three cities: Vancouver (+14%), Toronto (+11%) and Hamilton (+11%).
- Beyond these three cities, house prices remain relatively flat in all other major markets across Canada.
- Similar trends can be observed at a provincial level, where house price appreciation continues to be strong in BC (+12%) and Ontario (+9%), but relatively flat in all other provinces.
- From a supply and demand perspective, British Columbia and Ontario are clearly identified as seller’s markets, while the rest of the country is much more balanced.
NOTE: Traditionally, a buyer’s, balanced or seller’s market is defined by the following ranges of sales-to-listings percentages:
|| < 35%
|| Buyer’s Market (More homes are for sale than there are buyers)
|| Balanced Market
|| > 55%
|| Seller’s Market (More buyers available than there are homes for sale)
NOTE: Click on the image of the map to download/print in PDF format.