According to the latest figures from the Canadian Real Estate Association, Canadian house prices grew by just 5.1% year on year in February, which is not only the smallest increase since June last year, but also the fourth consecutive month that the growth rate has slowed.

The largest increase was seen in Toronto at 7.3%, followed by Calgary at 2.5% and Montréal at 1.6%.

The MLS Home Price Index shows price gains of 1.1% in February compared to January, and prices of two-storey single-family homes rose by 1.6%, while townhouses and apartments saw price gains of 0.4% and 0.5% respectively.

This increase is typically seen at this time of year as it heralds the start of the spring selling season. However the monthly increase is the smallest seen for two years, providing further evidence that the market is slowing.

Single-family homes saw the biggest month on month gains in the majority of markets, and this was particularly evident in Toronto where they are in short supply.

February also saw increased interest in condos, again particularly in Toronto, but price gains for condos in Toronto are likely to slow due to increased supply, as a number of new condominium apartment projects have recently been completed.

The inventory levels for condominium units in Toronto are close to long term averages, which suggest the market is balanced. In spite of increased supply, there is unlikely to be a glut of condos, so a price correction is unlikely unless there is an unexpected increase in interest rates, or an economic downturn.

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1 Comments on Canadian property prices are slowing

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157,500 Points 1 Featured Post Outside Blog Called Shot Master

Hi Les, it's true that the property values have not grown very much all over Canada - everyone is talking about an adjustment in these prices.  Only time will tell what this "adjustment" will actually mean.  I've just received my I.R.E.S. Designation in July in Vancouver, BC, Canada and I noticed that you have similar designations.  I'm messaging you because I want to expand my international connections.  I'm presently building a larger network so that your listings can be featured in my city (for an international exposure), and mine can be featured by you.  Presently I have approximately 20 listings which might be of interest to you.  

Interested?  Look forward to chatting some more with you with respect to co-listing each other's properties, if you are interested in speaking further?  Cheers, Jark.
3:04am • #1


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Les_calvert

Les Calvert

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