Home Sales and Prices Continue to Rise Through April
Canadian Real Estate Association (CREA) has released it latest monthly statistics for April, and there is nearly a unanimous rise across the nation, with both home sales and home prices seeing steady growth.
The 2.7% growth rate in home sales between March and April represents a record-breaking performance from the previous month’s historic growth. There was also an increase of 2.9% in the number of homes listed. In terms of home prices, there has been an year-over-year increase of 7.6% nationally, from April 2013 to April 2014.
The average home through the Toronto Real Estate Board (TREB) in the first two weeks of May additionally sold for $590,132, compared to $542,074 in the same period last year.
Over the year where many experts and analysts have warned that Canadian real estate stands in danger of being over-valued and potentially in a bubble, the real estate industry has defied all odds, in seeing a 7.6% gain over this past year.
According to the MLS HPI, the trend of increasing home values is a phenomenon to stay.