Canadians experiencing a surging housing market

Canadian housing market

Canada’s housing market is again proving to be hotter than economists expected.

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!