April home sales for Canada jumped for the third consecutive time, data from the Canadian Real Estate Association (CREA) has found.
An increase of 2.3% was seen from March to April “but actual, not seasonally adjusted activity was 10% above levels a year ago while the CREA home price index increased 4.97% year on year.”
also reported that the national average sale price went up 9.5% on a year on year basis in April. However, the date excluded Greater Vancouver and Greater Toronto, which increased by 3.4%.
The new sales high was led by the Greater Toronto Area, the surrounding Golden Horseshoe region, and Montreal.
“As expected, low mortgage interest rates and the onset of spring ushered many home buyers off the sidelines, particularly in regions where winter was long and bitter,” said CREA president Pauline Aunger.
For CREA chief economist Gregory Klump, the recent years showed a seasonal pattern for home sales and listings has become amplified in places where listings are in short supply relative to demand.
“This particularly stands out in and around Toronto. Sellers there have increasingly delayed listing their home until spring. Once listed, it sells fairly quickly. Sales over the year as a whole in Southern Ontario are likely being constrained to some degree by a short supply of single family homes,” he was quoted as saying.
“However, the busy spring home buying and selling season has become that much busier as a result of sellers waiting until winter has faded before listing.”
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