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It increased for the fifth month in a row, and the average property price rose 5.7% over the same period last year to about 496500 yuan. (Canadian Real Estate Association,CREA, the Canadian real estate association, believes that the real estate market has fully recovered from last summer’s low ebb.
Led by the Greater Toronto area, Edmonton, Calgary, the Fraser Valley, Vancouver Island, Hamilton Burlington and Winnipeg, about 60% of the national property market turnover increased. The annual trading volume increased by 4.1% compared with the same period last year. Although the market in the Greater Toronto area still lags behind that of 2016, it is made up for by the active markets of the lowland plains of British Columbia, Vancouver Island, Calgary, Edmonton, Ottawa and Manchuko.
Burke (Andrew Peck), president of the Chamber of Commerce, said housing sales across the country were on the rise every month in the second half of last year. Although the central bank is expected to raise interest rates, the economic boom and job growth will boost the market this year. However, the trend of different towns and different types of housing is different.
In addition to the seasonally adjusted increase in national real estate sales in December, many buyers entered the market ahead of the federal government’s tightening of home loans this year. Clemp (Gregory Klump), chief economist of the Chamber of Commerce, said it is still necessary to observe the sales after the implementation of the new mortgage rules in January.
The number of residential listings nationwide rose 3.3% in December, the same as in November, due to an increase in sales in the Greater Toronto area. Affected by the increase in sales after last summer, the inventory of residential resale nationwide in December was 4.5 months, slightly below average. Inventories in the Golden Horseshoe region of Ontario rose to 2.1 months from 0.9 months in March, but there is still an one-month gap compared with the long-term average of 3.1 months and a seven-month low.
The report also shows that the national average house price reached 496500 yuan in December last year, a year-on-year increase of 5.7%. The increase in the price of independent houses in Golden Horseshoe, Ontario has slowed, with two-story detached houses rising 4.5% over the same period last year, independent bungalows up 5.5%, and town houses up 13%, with the strongest rise of 20.5% in multi-storey co-managed buildings. Although house prices in the Greater Toronto area, Guihu and Warville-Meaton have slowed, prices in the Greater Toronto area are still up 7.2% compared with the same period last year, Guihu is up 13.1%, and Warville is down 0.8%.
Composite house prices in the lowland plains of British Columbia recovered and rose to a new high in the second half of last year. The Dawen area rose 15.9%, and the Feisha River Valley rose 20.9%. The city of Victoria rose 14% and other towns on Vancouver Island rose 19%.