Real estate price growth cools off
CBC News
Real estate prices are still rising across Canada, but at their slowest rate in more than a year, industry figures show.
The average resale home sold for $325,183 in Canada’s major markets in January, according to the Canadian Real Estate Association.
That’s a year-over-year increase of 8.6% — the smallest yearly price increase since December 2006.
But average prices still reached record levels in seven markets last month —Victoria, Saskatoon, Kitchener-Waterloo, London and St. Thomas, Sudbury, Ottawa, and Saint John, N.B.
Vancouver remained the most expensive city in Canada for housing, with the average transaction last month topping out at $588,183. That’s up 10.8% in a year.
But the title of fastest-rising price went to Regina, where the average home sold for $198,585 — a whopping 69.1% jump from last year.
The average price in Saskatoon rose 36.5% to $259,444.
Year-over-year increases in formerly red-hot Calgary and Edmonton slipped back into single-digit territory — Calgary’s average price was up 8.8% to $408,672, while Edmonton’s average of $332,051 represented a 9.3% rise.
New listings surged to a new national record last month, led by double-digit increases in western Canada. “Price increases in those markets will be more modest compared to what we saw last year,” said Gregory Klump, chief economist at the association.
January sales in 20 major markets were down 0.4% from the previous month on a seasonally-adjusted basis and were down 8%, year over year.
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