Canadians experiencing a surging housing market
The latest data on sales of existing homes across the country will be released by the Canadian Real Estate Board. But a number of local real estate boards have made their statistics available in recent days and the picture they paint is generally one of strength, especially in the highly-populated markets of Toronto and Vancouver”.
“With five-year mortgage rates at record lows, the number of existing homes that sold in May shot up well above the 10-year average for the month, and “more strength may be bubbling under the surface,” TD economist Diana Petramala wrote in a research note.”
Here are some Vancouver statistics:
– Sales were up 28.9 per cent from a year earlier. They were up 3.7 per cent from May, and came in 0.6 per cent above the 10-year average for the month of June.
– The sales-to-active-listings ratio was 21.3 per cent, the highest level in three years.
– The MLS Home Price Index benchmark price for all types of homes in the Vancouver area was $628,200, up 4.4 per cent from a year earlier.
– The benchmark price of detached homes rose 6.2 per cent to $976,700, while the benchmark price of apartment-style homes increased 2.4 per cent to $378,000 and attached units climbed 3.1 per cent to $471,200.
Never a better time to get pre-approved for the home of your dreams!