Residential Market Commentary – July 18, 2016

THINK OUTSIDE THE BOX:  There is one indicator that buyers may, finally be responding to the unrelenting price increase:  sales volumes were off nearly 1% in June, compared to May.
 The average price of a home in Canada shot up more than 11% in the last year, topping $503,000 in June, according to the latest figures from the Canadian Real Estate Association.
The usual suspects continue to distort the overall picture.  With Toronto and Vancouver removed from the calculation the average price drops to $375,000 – an 8.4% increase, which is still far higher than the rate of inflation.

One surprising driver of prices is Prince Edward Island which has seen a stunning 18% increase since last June, pushing the average price in the province to $192,000.

Alberta and Saskatchewan saw prices slip by 1.5% with Newfoundland and Nova Scotia dipping about 4%.  Quebec, New Brunswick and Manitoba had moderate increases of 2.5%, 3.5% and 3.9% respectively.

There is one indicator that buyers may, finally, be responding to the unrelenting price increases: sales volumes were off nearly 1.0% in June, compared to May.

Jul 18, 2016, 11:48 AM by Maria Broekhof

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