{"id":1618,"date":"2016-04-15T10:10:43","date_gmt":"2016-04-15T17:10:43","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=1618"},"modified":"2016-04-15T09:32:49","modified_gmt":"2016-04-15T16:32:49","slug":"canadas-homes-sales-hit-record-with-prices-soaring-at-fastest-pace-since-2008","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/04\/canadas-homes-sales-hit-record-with-prices-soaring-at-fastest-pace-since-2008\/","title":{"rendered":"Canada\u2019s Homes Sales Hit Record with Prices Soaring at Fastest Pace Since 2008"},"content":{"rendered":"<p style=\"text-align: justify;\">Existing home sales set an record in March across Canada with prices rising at a pace not see since before the 2008 recession hit, according to new data out Friday.<\/p>\n<p style=\"text-align: justify;\">The Teranet\u2013National Bank National Composite House Price Index rose 0.8% from February to March, the largest monthly increase since 2008. Prices rose in six of 11 markets surveyed but the Vancouver market drove the national numbers as prices in Canada\u2019s most expensive city for housing rose 2.8% in just one month. It was the 15th straight month Vancouver prices have climbed.<\/p>\n<p style=\"text-align: justify;\">The Ottawa-based Canadian Real Estate Association, which represents realtors across the country, made it clear that Vancouver, as well as Toronto, continue to drive national numbers to previously unseen levels.<\/p>\n<p style=\"text-align: justify;\">\u201cGreater Vancouver and the Greater Toronto Area are heading into the spring home buying season with soaring demand and a shortage of listings,\u201d said Cliff Iverson, president of CREA, adding other major markets are balanced or have ample supply.<\/p>\n<p style=\"text-align: justify;\">The number of homes trading hands via Multiple Listing Service system across Canada was up 1.5% month-over-month to set a new all-time record in March 2016, the national association said. Actual activity was up 12.2% on a year-over-year basis.<\/p>\n<p style=\"text-align: justify;\">CREA said the average price for a home across the country rose to $508,567, a 15.7% increase from a year ago. But the price increase was driven largely by Toronto and Vancouver \u2014 without those two markets the average price across the country would have risen 10.4% year over year to $366,950.<\/p>\n<p style=\"text-align: justify;\">The organization also sounded a warning shot over new government regulations, designed to slow the market down which might actually heat things up among some housing classes. Ottawa announced new rules which took effect in February, increasing the minimum down payments from 5% to 10% for the price of a home over $500,000.<\/p>\n<p style=\"text-align: justify;\">\u201cSales below a half-a-million dollars, which were not subject to recently tightened mortgage regulations, are being increasingly restrained in these markets by a short supply of listings. If current sales and listings trends persist, price gains may pick up further this spring,\u201d said Gregory Klump, chief economist with CREA.<\/p>\n<p style=\"text-align: justify;\">The British Columbia Real Estate Association, which represents about 20,000 realtors in the province, released its own data Friday and said supply is simply not keeping up with demand in the province.<\/p>\n<p style=\"text-align: justify;\">The group said there were a record 12,560 residential unit sales in the province via the MLS, up 38% from a year ago. Sales smashed through the previous record of 11,683 set in May, 2007.<\/p>\n<p style=\"text-align: justify;\">The total sales volume for the province was $9.69 billion in March, up 66.9% from a year ago. The average price of a home in BC rose 20.2% during the same period to reach $771,620.<\/p>\n<p style=\"text-align: justify;\">\u201cHousing demand has never been stronger in the province,\u201d said Cameron Muir, chief economist with the BC board. \u201cMost large population centres of the province are now experiencing record levels of housing demand. Strong employment growth, rising wages and a marked increase in net inter-provincial migration is fueling consumer confidence.\u201d<\/p>\n<p><a href=\"http:\/\/business.financialpost.com\/personal-finance\/mortgages-real-estate\/canada-homes-sales-hit-all-time-record-with-prices-soaring-at-fastest-pace-since-2008\" target=\"_blank\">Canada\u2019s Homes Sales Hit Record with Prices Soaring at Fastest Pace Since 2008<\/a> by Garry Marr | Financial Post<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Existing home sales set an record in March across Canada with prices rising at a pace not see since before the 2008 recession hit, according to new data out Friday. &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/04\/canadas-homes-sales-hit-record-with-prices-soaring-at-fastest-pace-since-2008\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-1618","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canada\u2019s Homes Sales Hit Record with Prices Soaring at Fastest Pace Since 2008 &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/04\/canadas-homes-sales-hit-record-with-prices-soaring-at-fastest-pace-since-2008\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canada\u2019s Homes Sales Hit Record with Prices Soaring at Fastest Pace Since 2008 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Existing home sales set an record in March across Canada with prices rising at a pace not see since before the 2008 recession hit, according to new data out Friday. &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/04\\\/canadas-homes-sales-hit-record-with-prices-soaring-at-fastest-pace-since-2008\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/04\\\/canadas-homes-sales-hit-record-with-prices-soaring-at-fastest-pace-since-2008\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Canada\u2019s Homes Sales Hit Record with Prices Soaring at Fastest Pace Since 2008\",\"datePublished\":\"2016-04-15T17:10:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/04\\\/canadas-homes-sales-hit-record-with-prices-soaring-at-fastest-pace-since-2008\\\/\"},\"wordCount\":513,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/04\\\/canadas-homes-sales-hit-record-with-prices-soaring-at-fastest-pace-since-2008\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/04\\\/canadas-homes-sales-hit-record-with-prices-soaring-at-fastest-pace-since-2008\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/04\\\/canadas-homes-sales-hit-record-with-prices-soaring-at-fastest-pace-since-2008\\\/\",\"name\":\"Canada\u2019s Homes Sales Hit Record with Prices Soaring at Fastest Pace Since 2008 &#8226; 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