M City Condos For Sale.The house price index rose by another 1%. Canadian home sales continued to slow in May, with turnover down 7.4 per cent from April but still up 103.6 per cent from the same period last year.Please Visit: M City Condos For Sale to Get Your VVIP Registration Today!
The housing price index rose by another 1% within a month, and the average house price rose by 38.4% in the past year to more than 688000 yuan.
The Canadian Real Estate Chamber of Commerce (CREA) pointed out that after breaking the record in March, sales in the real estate market fell 11% in April, and although the number of homes sold through the multi-computer storage system fell by another 7.4% last month, it still maintained the largest number of homes changing hands in May. Since last May was the worst market situation since the late 1990s, it showed an increase of 103.6% compared with the same period last year.
Cliff Stevenson, the chamber of commerce, pointed out that the Canadian real estate market remained active, with the impact of demand, supply and property prices slowing over the past two months. More and more buyers are feeling bored and frustrated, and the current epidemic trend weakens the urgent need to buy homes in order to survive the epidemic period.
Shaun Cathcart, chief economist of the Chamber of Commerce, said that the housing market has recently seen demand, supply and house prices cooling at the same time. The current market situation is very different from that since the closure of the city last year. The biggest difference this year is that apart from the record number of infections, the rate of vaccination is also on the rise. Therefore, instead of being trapped at home, people also have the idea of buying a house. Looking forward to the future market conditions, there is still a good chance that the trading volume will increase.
But as life begins to normalize, home ownership will be a secondary consideration this summer.
The number of new listings in the Canadian real estate market fell by 70 per cent, with new listings down 6.4 per cent in May compared with April, and many markets have yet to shake off inventories to historic lows. The ratio of sales to new offerings slowed slightly to 75.4 per cent from 76.2 per cent in April. It reflects that the decline in trading last month is not just a shortage of supply.
Canadian home inventories stood at 2.1 months at the end of May, rising from a record low of 1.7 months in March, but still below the long-term average of more than five months.
Ontario’s monthly home price rise is the slowest in Canada, but the biggest in Canada compared with the same period last year.
According to the report, the average house price in Canada in May was slightly over 688000 yuan, up 38.4% over the same period last year, but it should be noted that house prices in April and May last year were hit by the start of city closures. Excluding the Greater Vancouver area and the Greater Toronto area with the most active property market and the highest house prices, the average property price in Canada will be reduced by nearly 140000 yuan.
The number of new housing starts in Canada increased slightly from 278462 to 280779 last month. Bob Dugan, chief economist of the Canadian Mortgage and Housing Corporation (CMHC), said the increase in multi-family housing (Multi-family) offset the decline in the number of detached houses in the urban area, resulting in a slight increase in new housing construction in May. New housing starts in Toronto, Vancouver and Mandike last month slowed after historic highs in the first quarter of this year.
The report points out that calculating the trend of new housing starts on the basis of the average of six months can give us a more comprehensive understanding of the Canadian real estate market. However, if we analyze the market only on the basis of the trend of new housing starts for one month, it may be misled by the increase or decrease of Multi-unit in individual months. According to the report, the construction of new houses in the urban area increased by 1.8 per cent to 254647 in May, the number of multi-family homes rose by 10.9 per cent to 190530, while the number of detached houses fell by 18 per cent to 64117.