Average House In Canada Worth $470,661 In December 2016, Up 3.5% in 2016
The average price of a Canadian home continues to move higher,
but there are signs of a slowdown, according to figures from the
Canadian Real Estate Association.
CREA said Monday that the average sales price in December was $470,661 — 3.5 per cent higher than the same month a year earlier.
That's the slowest pace of increase in two years, the realtor organization said.
"Home sales are unlikely to benefit the Canadian economy as much in 2017 as they did in 2016," said CREA's chief economist, Gregory Klump. "New regulations mean that in order to qualify for a mortgage, home buyers will either have to save longer for a bigger down payment or purchase a lower priced home."
But within the national average, the Canadian real estate picture continues to be wildly different depending on the area of the country.
In B.C.'s Fraser Valley and the Greater Vancouver area, prices continued to rise by more than 20 per cent in calendar 2016, as they did in Victoria and the Greater Toronto Area.
But in Calgary, the average price declined by 3.7 per cent in 2016. In Saskatoon, it was 1.6 per cent lower, on average.
Four other major markets saw modest gains, including:
"It was massive year for Canadian residential real estate," Bank of Montreal economist Robert Kavcic said, "but, as always, location was paramount."
CBC NEWS
http://ofsys.com/T/OFC4/L2S/6384/B2726132/4hGK/742471/28037008/cpiEBH/1/3972255/AZjnxEYI/I/755489/n1BO4i.html
CREA said Monday that the average sales price in December was $470,661 — 3.5 per cent higher than the same month a year earlier.
That's the slowest pace of increase in two years, the realtor organization said.
"Home sales are unlikely to benefit the Canadian economy as much in 2017 as they did in 2016," said CREA's chief economist, Gregory Klump. "New regulations mean that in order to qualify for a mortgage, home buyers will either have to save longer for a bigger down payment or purchase a lower priced home."
But within the national average, the Canadian real estate picture continues to be wildly different depending on the area of the country.
In B.C.'s Fraser Valley and the Greater Vancouver area, prices continued to rise by more than 20 per cent in calendar 2016, as they did in Victoria and the Greater Toronto Area.
But in Calgary, the average price declined by 3.7 per cent in 2016. In Saskatoon, it was 1.6 per cent lower, on average.
Four other major markets saw modest gains, including:
- Regina (5.2 per cent).
- Ottawa (4 per cent).
- Greater Montreal (3.3 per cent).
- and Greater Moncton (1.9 per cent).
"It was massive year for Canadian residential real estate," Bank of Montreal economist Robert Kavcic said, "but, as always, location was paramount."
CBC NEWS
http://ofsys.com/T/OFC4/L2S/6384/B2726132/4hGK/742471/28037008/cpiEBH/1/3972255/AZjnxEYI/I/755489/n1BO4i.html
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