Canadian Homes Have Never Been Worth More Than They Are Now!

By Mana Tulberg

Read the latest edition of Business Review Canada!

According to the Canadian Real Estate Association the average price of homes and the actual number of homes sold both rose by 7.1% compared to the same time last year.  "This marks the sixth consecutive month of stronger resale housing activity compared to a quiet start to the year, and the strongest activity for the month of October since 2009," CREA said in their latest release.

Many believe that the gain in the housing market so far this year is directly correlated to low mortgage rates and a fall in unemployment.  As the rate of unemployment decreases more homebuyers are expected to flood the market. Of course, the price growth varied amongst housing markets in different parts of the country. As in recent months, Calgary saw the biggest increase at 9.47%, Greater Toronto saw growth of 8.3% and Greater Vancouver was up 6.03%.

Average Home Prices in October 2014 Across the Country:

 ∨ Yukon: October: $285,137

                 September: $339,831

∨ Vancouver, B.C.: October: $813,769

                                September: $833,474

 Victoria, B.C.: October: $513,563

                           September: $509,681

∧ North West Territories:  October: $405,332

                                            September: $394,444

∧ Alberta:  October: $406,034

                   September: $403,306

∧ Saskatchewan: October: $308,564

                              September: $299,846

∨ Manitoba: October: $264,125

                     September: $265,747

 Ontario: October: $441,274

                  September: $435,956

∧ Quebec: October: $273,706

                   September: $270,944

∨ New Brunswick: October: $158,837

                                September: $159,332

 Prince Edward Island: October: $174,871

                                         September: $161,794

∧ Nova Scotia: October: $214,241

                          September: $213,199

∧ Newfoundland: October: $275,927

                              September: $273,623

Another important measure in the housing market to consider is the inventory of housing which drives the housing supply and demand.  This metrics calculates the number of months it would take to liquidate the current housing inventory.

In the report released by CREA in October 2014 the inventory of housing nationally stood at 5.8 months. Since May of 2014, this number has fluctuated between 5.8 and 6 months.

Low interest rates will continue to support the increase of home sales in some of Canada’s more expensive urban housing markets.

You May Also Enjoy: Canada’s Economy Accelerates at Fastest Pace in Two Years

As Canada’s economy is expected to continue its steady growth into 2015, real estate developers and investors will find Canada a low-risk environment for their real estate portfolio. Although many argue that the current drop in oil prices may weaken the economical growth, many Realtors believe that interest in home purchases might ease a little but will not completely disappear.  It has been predicted that the average selling prices across Canada will increase by 2.5% in 2015.

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