75 curlew urban towns . House prices rose 38% year-on-year. National housing sales exceeded 50000 units, up 103% from the same period last year, and the national average house price was $688, 000, an increase of 38% over the same period last year.Please Visit: 75 curlew urban towns to Get Your VVIP Registration Today!
CREA said in the report that it is understandable that housing transactions and house prices rose last month from a year earlier, as May last year was the peak of the first wave of the epidemic, when the market was hit by a decline in both home sales and prices.
Housing transactions in May did not continue the momentum of the previous two months, with sales falling: national home sales reached 74049 units in April, down 7.4 per cent from the previous month, the national agency said.
National housing sales reached a record high of 76259 in March.
CREA believes that although sales fell in May, all things considered, home sales for the whole of 2021 are expected to hit an all-time high.
In May, the average selling price of a house across the country was $688 million. Although it rose 38% from the same period last year, it gradually decreased compared with the previous two months: it was $696 million in April, and the national average price in March reached $716, 828, the highest in Canadian history.
“although the real estate market across Canada is still very active, we are now seeing a slowdown in the last two months, including demand, supply and prices,” CREA Chairman Cliff Stevenson concluded in a press release.
However, CREA points out that, measured by a more accurate benchmark house price index (HPI), HPI rose 24.4 per cent in May from a year earlier and 1 per cent from a month earlier.
CREA said the actual national average selling price index was misleading and could be biased by sales of expensive homes in markets such as Toronto and Vancouver. That’s why the agency uses a measure called the benchmark house price index, or HPI, because it adjusts prices according to the number and type of properties sold.
But even last month, HPI rose more than 24 per cent from a year earlier, the highest increase on record.
CREA stressed that, judging from the current situation, it is unlikely to rise much in the future, in part because price increases have slowed month by month, especially in Ontario.
“maybe we finally have something to think about besides housing and staying at home all the time,” said Shaun Cathcart, chief economist at CREA. At least for now, as far as the epidemic is concerned, we have seen the light at the end of the tunnel, feeling that our lives will return to normal this summer, and housing is likely to take a back seat. “