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Tuesday, June 25, 2024

Canadian home prices soar four consecutive months – up by $100K since January

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The average price of Canadian houses has been on the rise, reaching $716,000 in April. This marks a significant increase of over $100,000 since the beginning of the year.

After experiencing a decline in 2022 due to interest rate hikes, the housing market has seen a resurgence with four consecutive months of price increases.

The rebound is primarily driven by increased sales in the Greater Toronto Area and B.C.’s Lower Mainland, regions that were heavily impacted by COVID-19 but also experienced significant declines when interest rates rose. Excluding these areas, the national average price drops to $572,000.

The number of homes sold in April increased by 11% compared to March, reaching its highest level since June 2022, according to The Canadian Real Estate Association (CREA).

However, it remains nearly 20% below the levels seen during the strong market conditions of the previous year.

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