Home sales jump in February

Toronto, the Okanagan Region and Fraser Valley are expected to lead the way in terms of home sales. Others, however, are expected to lag behind.

“Two of Canada’s hottest housing markets look set to stay that way heading into the spring home buying season,” CREA President Pauline Aunger said. “Meanwhile, other major urban markets elsewhere in Canada are well balanced or have ample supply.

Toronto saw home sales increase 14.9% year-over-year and Greater Vancouver area sales increased 25.6%.

South Okanagan (+23.4%) and Fraser Valley (+24.9%) also had impressive increases.

Overall, national sales jumped 0.8% from January to February. Sales increased 18.7% year-over-year.

The trend of ever-increasing home prices in Vancouver and Toronto continued.

“The number of single family home sales above one million dollars is rising in Greater Vancouver and the GTA,” Gregory Klump, CREA’s Chief Economist, said. “Tightened mortgage regulations apply to homes selling above five hundred thousand dollars and below a million dollars. The tighter regulations combined with a short supply of single family homes will restrain transactions below one million dollars.

Luxury homes are expected to drive both those markets, which will impact average home prices, CREA said in a release.

“If recent trends continue, home sales above one million dollars will account for a greater share of activity and will further fuel year-over-year average price increases in these markets,” Klump continued. “Meanwhile, price growth will remain more modest in other housing markets that don’t have an ongoing or developing supply shortage like the kind we’re seeing in the Lower Mainland of British Columbia or around the GTA.”
 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Investment Hot Spots:
Cape St. George, Lakehurst, Meldrum Bay, Minett, Bonnyville

COMMENTS

  • by Carl 2016-03-15 12:05:57 PM

    What does GTA stand for ?

  • by Scott 2016-03-20 11:07:59 AM

    @Carl,

    I think it means Greater Toronto Area. That's what I took from my read of it anyways.

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Poll

Is a T.O foreign sales tax a good idea?