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Canada’s lahoo.ca learned that the overall Canadian property market was boosted throughout March due to the growing popularity of the real estate market in the Toronto area. Home sales across the country hit another all-time high in March, up 1.1% from the record set in April 2016. Housing transactions totaled 46353, an increase of nearly 500 over February.
Doug Porter, chief economist of the Bank of Montreal, pointed out that although the overall property market in Canada is hot, in fact, the real estate market in different cities is not small. House prices are rising almost throughout Ontario, but little has changed in other cities except Ontario and BC.
The number of new homes listed nationwide increased by 2.5% in March, with Toronto, Calgary, Edmonton and Dawen making the main contribution, according to the CREA report. The average house price in Calgary increased by 0.6% to C $461635, while that in Edmonton increased by 0.3% to C $381733.
Canada’s lahoo.ca learned that the national average house price in Canada in March was C $548517, an increase of 8.2% over the same period last year. But excluding Greater Vancouver and Greater Toronto, the average house price in other cities across Canada is only C $389726.
Unseasonally adjusted national home sales in Canada are up 6.6% compared with a year ago, including a 17% increase in the greater Toronto area. With the exception of Toronto, home sales in London and St. Thomas, Ontario increased by 44.4% compared with the same period last year; Niagara by 30%; and Ottawa by 28.6%. House prices in the Greater Toronto area rose 20% to C $9241 in the first quarter of 2017.
In the Dawen area, home sales fell 31.5% compared with the same period last year, but increased by 4.1% compared with the previous month. House prices in Dawen also increased by 12.3% to C $1179482 in the first quarter of 2017.
After the introduction of foreign buyer tax in Dawen area last year, the housing market showed a moderating trend for a time. However, this relaxation is partly due to the wait-and-see attitude of local buyers, and now the wait-and-see is basically over, and local buyers are starting to re-enter the market. Benjamin Tal, chief economist at CIBC, believes that Vancouver’s real estate market has hit rock bottom and will begin to rise in the future.