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Average Price of Canadian Home Passes the $500,000 Mark, Driven by GTA and Metro Vancouver

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Average Price of Canadian Home Passes the $500,000 Mark, Driven by GTA and Metro Vancouver
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According to a report by the Financial Post, the average house price in Canada has already exceeded last year’s forecasts, as the first quarter of 2017 turned out to be one of the hottest in years, in terms of real estate.

The 2017 national average price for a home was forecast at $475,900 by the Canadian Real Estate Association. In February, this figure reached a surprising $519,532 – a 3.5% increase year-over-year, primarily due to heated market conditions in the Greater Toronto Area and in Metro Vancouver. When taking these two areas out of the equation, the national average home price is $369,728.

Homes sales in Canada are also at levels not seen since April 2016, mostly because of intense activity in Toronto and surrounding regions. According to a recent Canadian Real Estate Association analysis, sales spiked 5.2% between January and February.

CREA reports that in February sales were up in 70% of all monitored Canadian markets. A statement for the Financial Post by Cliff Iverson, president of CREA, highlights the fact that national sales statistics are driven by the hot market in the GTA, where properties are selling faster than elsewhere in Canada.

However, the dip in sales experienced in British Columbia’s Lower Mainland throughout the second half of 2016 still has noticeable effects. National sales in February were down by 2.6% year-over-year. In Metro Vancouver, prices are beginning to recover after a 6-month descent.

For more information on the G.T.A. and Greater Vancouver markets, check out these articles:
How To Succeed in Toronto Real Estate? Buy Condos Fast!
Survival Guide in the Competitive Toronto Real Estate Market
Down from 2015, Vancouver Real Estate Market in 2016 Still Closes with Near-Record Figures

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