The Canadian Real Estate Association (CREA) has released its latest statistics for sales in the month of May, 2012, finding that home price increases were the greatest in Toronto, followed by Calgary and Greater Vancouver. The biggest year-over-year price gains are had with one and two storey single family homes, followed by townhouse units.
“While price gains overall are running steady, diverging trends among local markets show clearly that all real estate is truly local,” said the president of the Canadian Real Estate Association, Wayne Moen. Because price trends are different between markets and within them, anyone buying or selling a home should consult with their realtor to best understand how the housing market is shaping up locally.”
“Home price gains in Greater Toronto continue to eclipse those in other markets. Gains are also starting to pick up speed in Calgary after months of stability,” said Gregory Klump, the chief economist at the Canadian Real Estate Association. “As always, prospects for home price trends depend on buyers’ willingness to pay and sellers’ expectations and motivations, both of which are tied to economic, labour market, and interest rate prospects. With European sovereign debt and banking issues likely to cloud the global economic outlook, Canadian interest rates will remain at or very near current levels. The continuation of low interest rates will continue to support Canadian housing activity and prices for some time to come.”
The full press release is available here.
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