Home Sales Drop in January. Average Prices Increase Slightly.

The Vancouver Sun has reported that the number of homes sold in Canada dropped 5.2% over the reported numbers from January of 2012. News, however, was mixed across the country. About half of markets reported better number than in December 2012, with continued bad news in Vancouver bringing down the national average.

The national average sale number remains impressive, rising a steady two percent to $354,754 from a year ago. Of course, excluding inflation, the price is holding the same, but at least your average investor should be holding their own during this environment.

Cheers, and Happy Investing.

Average Housing Prices Rise Again Across Most of Canada's Major Urban Centres.

July's resale housing price numbers have been released, indicating another year over year increase in most of Canada's major urban centres. Real estate continues a strong upward trend. 

Average MLS® Resale Price for Local Markets

City	July 2011	July 2010
Halifax	$ 262,723	$ 245,944
Saint John	$ 158,448	$ 176,061
Quebec	$ 240,225	$ 237,605
Montreal	$ 317,519	$ 303,317
Ottawa	$ 342,925	$ 322,342
Toronto	$ 459,122	$ 420,455
Hamilton/Burlington	$ 349,235	$ 309,293
Winnipeg	$ 238,258	$ 225,191
Saskatoon	$ 303,439	$ 289,715
Regina	$ 272,548	$ 281,836
Calgary	$ 397,613	$ 402,809
Edmonton	$ 334,444	$ 329,731
Vancouver	$ 761,673	$ 657,815
Victoria	$ 467,052	$ 496,943

E-Mail or comment with any questions or concerns:

matthew.j.w.clarke@gmail.com

www.kingstonhomeloans.ca

CMHC Says that House Prices will Continue to Rise in the Near Future. Employment, Immigration, and Low Mortgage Rates are Positive.

The Canada Mortgage and Housing Corporation says that house prices will continue to rise in the near future. The average price will probably level out in 2011 to an average of $367,500 and then rise to $372,400 in 2012. Factors such as employment, immigration, and low mortgage rates remain supportive for the housing sector as a whole.

CMHC also predicts relatively flat mortgage rates through 2011, and that they will moderately increase in 2012. Good news for mortgage borrowers over the next twelve months. Overall, housing starts are also expected to be strong, with 183,900 new builds predicted for the second quarter of 2012.

For anyone thinking of investing in real estate over the near-term, CMHC brings welcome news.

Happy Investing : )