{"id":23760,"date":"2024-04-24T10:10:00","date_gmt":"2024-04-24T17:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=23760"},"modified":"2024-04-15T10:33:42","modified_gmt":"2024-04-15T17:33:42","slug":"crea-spring-housing-market-surge-brings-home-sales-prices-up","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/04\/crea-spring-housing-market-surge-brings-home-sales-prices-up\/","title":{"rendered":"CREA Spring Housing Market Surge Brings Home Sales &amp; Prices Up"},"content":{"rendered":"<p style=\"text-align: justify;\">Following another Bank of Canada rate hold announcement, there\u2019s promising signs that the real estate market will continue to bounce back this spring, according to the Canadian Real Estate Association (CREA).<\/p>\n<p style=\"text-align: justify;\">In March, the national average home price reached $698,530, a 2% increase from the previous year, with average home prices increasing in major markets nationwide. Additionally, there was a 10% increase in new listings compared to last year.<\/p>\n<p style=\"text-align: justify;\">Overall Canada is in a balanced market, with the national sales-to-new listings ratio tightening to 57.4%, a bit higher than the typical 55% average. A balanced market means sellers can sell their home for a fair price, while buyers have the luxury of more time to make decisions.<\/p>\n<p style=\"text-align: justify;\">Looking at these statistics, it\u2019s important to highlight the noticeable slowdown during the Easter long weekend, leading to a 1.6% decrease in newly listed homes compared to the previous month.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019ll have to wait for the April data to really understand how buyers are responding to all these new properties for sale, but if you look at last spring as a guide and add to that record population growth in the last year and a central bank that is far more likely to cut this summer than raise like it did last year, it could get interesting,\u201d said Shaun Cathcart, CREA\u2019s Senior Economist. \u201cWill the story be high interest rates keeping a lot of people on the sidelines this year, or the much expected and anticipated first rate cuts enticing a lot of people back into the market? Probably a bit of both.\u201d<\/p>\n<p style=\"text-align: justify;\"><strong>Real Estate Prices are Rising in Canada\u2019s Major Markets<\/strong><\/p>\n<p style=\"text-align: justify;\">Notably, Greater Vancouver experienced a 1.14% month-over-month increase in price, with the average home price now at the $1.2 million mark. As the most expensive market in the country for average home prices, this puts Vancouver at a whopping one million dollars more than the most budget-friendly market, Saint John, highlighting the difference between affordability across the country.<\/p>\n<p style=\"text-align: justify;\">Saint John saw the most significant increase, jumping up by 3.5% to hit $288,300, while still holding the title of Canada\u2019s most affordable average home price in major markets.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, Edmonton came next with a 2.8% increase, reaching an average price of $385,900, while London\u2013 St Thomas experienced a 2.6% increase, now at $602,700.<\/p>\n<p style=\"text-align: justify;\"><strong>March Sales Leaders : Spotlight on Market Activity<\/strong><\/p>\n<p style=\"text-align: justify;\">Housing markets under the average national price of a home in Canada continue to see increased activity compared to more expensive markets. Edmonton saw a remarkable 34% in sales compared to last year. Additionally, three other significant markets experienced notable increases: Halifax-Dartmouth saw a 21.4% increase in sales and Calgary saw a 10.3 % rise.<\/p>\n<p style=\"text-align: justify;\">Among the markets experiencing heightened sales, Calgary stands out as the priciest. The average home price in Calgary is $580,400, showing a 2.20% increase from last year. However, it\u2019s still 17% lower than the national average.<\/p>\n<p style=\"text-align: justify;\"><strong>Canada\u2019s Updated Real Estate Outlook for 2024<\/strong><\/p>\n<p style=\"text-align: justify;\">CREA has revised its projections for the year, painting a promising picture for the Canadian real estate market. They now predict that 492,083 homes will be sold, a 10.5% increase from last year. Additionally, the average national home price is expected to rise by 4.9% annually to reach $710,468 by the end of 2024.<\/p>\n<p style=\"text-align: justify;\">If you\u2019re considering buying or selling and want to learn more about prices and sales activity in your local market, we are here to help!<\/p>\n<p><a href=\"https:\/\/www.zoocasa.com\/blog\/crea-april-2024\/\" target=\"_blank\" rel=\"noopener\">CREA : Modest Spring Surge Brings Home Sales and Prices Up<\/a> by Angela Serednicki | zoocasa<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following another Bank of Canada rate hold announcement, there\u2019s promising signs that the real estate market will continue to bounce back this spring, according to the Canadian Real Estate Association &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/04\/crea-spring-housing-market-surge-brings-home-sales-prices-up\/\">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":[8,13],"tags":[],"class_list":["post-23760","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>CREA Spring Housing Market Surge Brings Home Sales &amp; 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