CANADIAN HOME SALES CONTINUE TO SOAR

Mar 15, 2016

By Michael Kramer

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Home sales in February in Canada were up 18.7 per cent from a year ago – according to the Canadian Real Estate Association.

The increase compared with February 2015 was driven by sales in Vancouver, Toronto and Montreal – but Toronto and Vancouver also helped move the national average price for a home sold in February – up 16.4 per cent to $503,057.

Without those two markets the average price was $355,235 – an increase of 8.7 per cent.

Month-over-month, home sales in February were up 0.8 per cent from January.

In its new forecast for 2016, the association says it now expects sales this year to grow by 1.0 per cent – compared with earlier expectations that the number of homes sold this year would contract by 1.1 per cent.

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