Mortgage Insurance Insights Newsletter
Housing Market Trends
July 5, 2016 | 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 HIGHLIGHTS
- Canada’s housing market continues to set new records across house prices and sales, primarily due to the hot British Columbia and Ontario markets. Home prices in Vancouver and Toronto continue to rise at an accelerated rate.
- Large regional variations continue to persist, with Toronto and Vancouver moving upward, the Prairies seeing slight price decreases, and stable prices continuing in Quebec and Atlantic Canada.
- Overall, prices are up 7-9% annually, driven completely by urban markets in southern Ontario & British Columbia.
- In Calgary, Edmonton, Regina and Saskatoon, home prices remain flat to down 4% annually, and in Ottawa, Quebec and the Atlantic regions, where similar trends are seen, home prices remain relatively unchanged.
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.