33 Yorkville condos. House prices are surging by 25% year-on-year. According to a market research report released by the Canadian Real Estate Association (CREA), national home sales slowed in June compared with May, while the number of new listings fell slightly.Please Visit: 33 Yorkville condos to Get Your VVIP Registration Today!
But sales are still growing by double digits compared with the same period last year. Home prices are surging by about 25% a year.
The association reported on Thursday that the total number of homes sold through the computerized multiple replay system (MLS) in June was 8.4 per cent lower than in May. However, it still increased by 13.6% over the same period last year. The MLS Composite Index of House prices (HPI) rose 0.9% month-on-month, up 24.4% from the same period last year. The actual transaction price increased by 25.9% on average over June last year.
CREA points to the peak of home sales this year in March, followed by a continuous decline from April to June, with a cumulative decline of 25 per cent. In June, 80% of the country’s real estate market showed a slowdown in sales, including all large real estate markets. However, sales in June still reached a record high for the month, with trading volume before seasonally adjusted up 13.6 per cent from June last year.
The number of newly listed homes fell 0.7% in June compared with may. Nationwide, sales accounted for 69.2% of all listings in June, the lowest since last August. However, compared with Canada’s long-term average sales-to-listing ratio of 54.6%, this indicator is still at an all-time high. However, compared with 90.8% in January this year, we can see that the current market is moving towards a balance between supply and demand. In June, more than half of the country’s housing market was in balance between supply and demand.
Another important indicator of the ratio of supply and demand is housing inventory. That is, according to the current sales level, listed houses can be sold for how many months. The figure for the year to the end of June was 2.3 months, up from 2.1 months in May and significantly better than the 1.8 months at the lowest level in March this year. However, the country’s long-term average housing market inventory is five months, it can be seen that it is still far at the end of the seller market.
The composite index of house prices in June rose 0.9% from May, continuing the trend of slowing down month-on-month growth since March this year. This slowdown began with single-family detached houses and is now beginning to show up in town houses and the Pawain market. However, the unseasonally adjusted HPI index grew by 24.4% year-on-year, and depending on sales in July, this could be the highest year-on-year increase in history.
Ontario has the highest annual average house price increase of 30% in the country. And the growth rate of almost all other parts of the province has far exceeded that of the Greater Toronto area. This is also the case in British Columbia, where the average growth rate is in the 20% range, although the growth rate in the greater Vancouver area is lower than that in the rest of the province.
The actual transaction price nationwide in June averaged 679000 yuan, an increase of 25.9 percent over the same period last year. However, this indicator is significantly affected by the large temperature and the housing market in the Greater Toronto area. If the transaction volume between the two places is not taken into account, the average house price across the country will be reduced by more than 135000 yuan.
By the same token, although the actual transaction price reflects the trend of the housing market in a certain area to a certain extent, it is affected by the community in which the housing transaction is located and the type of housing.