Balanced Canadian Real Estate Market Prevails, But Inventory Tightens
Canada continues to enjoy a generally strong, stable real estate market, with historic low interest rates and balanced market conditions in most major markets across the country. However, tightening inventory is putting upward pressure on home prices, particularly in Greater Vancouver and Greater Toronto.
I would like to share Cartus’ recent Canadian Real Estate Market Overview, prepared by Coldwell Banker Canada Operations ULC, which provides market information through March, 2016, and forecast data for the rest of 2016 and looking forward to 2017.
How Does This Impact Your Relocation Program?
Overall, industry forecasts for the Canadian real estate market are generally positive, both for the remainder of 2016 and for 2017, but inventory levels across Canada are at their lowest level in more than six years. Also, provinces such as Alberta and Saskatchewan, which are heavily rooted in the energy sector and natural resources, have experienced challenges in recent years. Low inventory levels and Canada’s immigration-friendly climate will continue to drive a near-record number of immigrants, so relocating employees will need to have that in mind when searching for homes.
Canadian Real Estate Market Highlights
Following are a few highlights just in from the Canadian Real Estate Association’s (CREA) April statistics:
- National home sales rose by 3.1% in April vs. March, to reach their highest level ever.
- Actual (not seasonally adjusted) activity was up 10.3% when compared to April 2015.
- Inventory tightens as sales rise; national inventory is at 4.7 months, the lowest level in more than six years.
- National average sales price rose 13.1% year over year in April to reach $508,097 (net of Greater Vancouver and the Greater Toronto area, it climbed by 8.7% year over year, averaging $369,222).
Be sure to read Cartus’ recent Canadian Real Estate Market Overview, which provides valuable information for companies relocating employees to and within Canada. And please feel free to email me at firstname.lastname@example.org with any questions on the Canadian market.