As of December, The Canadian Real Estate Association’s House Price Index was up 26% year-over-year, setting a new record.
Experts state falling stock levels and increased demand is driving the continuous price boosts as purchasers attempt to make their purchases ahead of anticipated interest rate hikes from the Bank of Canada.
The monthly real estate inventory fell to a record low of 1.6 months, compared to the average 5 months.
House sales ticked up in the month, increasing 0.2% to 54,366. For the year, house sales amounted to 666,995, setting a new record and going beyond the previous high set in 2020 by more than 20%. The typical asking price in December was $713,500, up 17.7% year-over-year on an unadjusted basis, according to the CREA’s newest month-to-month report.
“With the housing supply issues facing the country having only gotten worse to start 2022, take any decline in sales early in the year with a grain of salt because the demand hasn’t gone away, there just won’t be much to buy until a little later in this spring,” said CREA chair Cliff Stevenson. “But when those listings eventually start to show up, the spring market this year will almost certainly be another headline grabber.”
Excluding the pricey markets of the Greater Toronto and Vancouver locations, the typical price stands at $563,500.
In simply the previous three months, prices have actually increased by $125,600 in the Greater Toronto Area, $44,100 in the Greater Vancouver Area, $18,100 in Greater Montreal and $21,600 in Ottawa. Here’s a take a look at some more local and regional real estate market results for December:
- Ontario: $922,735 (+22.8%)
- Quebec: $473,032 (+17.9 )
- B.C.: $1,031,067 (+22.5%)
- Alberta: $420,842 (+7.4%)
- Barrie & & District: $836,200 (+38.8%)
- Greater Toronto Area: $1,208,000 (+31.1%)
- Victoria: $902,700 (+23.6%)
- Halifax-Dartmouth: $490,127 (+22.2%)
- Greater Montreal Area: $517,800 (+21.3%)
- Greater Vancouver Area: $1,230,200 (+17.3%)
- Ottawa: $661,500 (+16.1%)
- Winnipeg: $319,600 (+11.7%)
- Calgary: $451,200 (+9.7%)
- St. John’s: $292,000 (+9.3%)
- Edmonton: $336,600 (+4.1%)