Your personal situation has changed, you are looking for a new property and you believe that the supply on the resale market is low? The latest data from the Canadian Real Estate Association (CREA) reveals that you are not in the dark.
© / Radio-Canada
The MLS Property Price Index posted a record 26.6% increase from the end of 2020.
The supply of properties in the country hit an all-time low at the end of December. The ratio of sales to new listings was 79.7%, compared to 77% in November. The historical average is 54.9%.
The number of properties for sale in the country is the lowest on record, says Shaun Cathcart, senior economist at CREA.
In 2021, 666,995 residential properties changed hands on the Canadian Multiple Listing System (MLS). This figure is a new record, just over 20% above the previous annual peak, set in 2020, and 30% above the average of the last 10 years.
This figure, a new record, exceeds by more than 20% the previous annual record, set in 2020, and by 30% the average of the last 10 years.
The practical consequence of this increase in sales and a low inventory of houses: the average price of properties sold in the country in December 2021 was $713,500, up nearly 18% in one year.
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The national average price is influenced by sales in Greater Vancouver and Greater Toronto, two of the busiest and most expensive markets in Canada.
If these two markets are excluded from the calculation, the national average price drops more than $150,000 to $563,500.
According to CREA’s analysis, in Greater Montreal, year-over-year price growth is holding just above 20%, while Quebec City has seen an increase of around 10%.
The annual price increase was 25% and 30% respectively in British Columbia and Ontario.
The increase is between 5% and 10% in Alberta and Saskatchewan, and close to 12% in Manitoba. It exceeds 30% in New Brunswick.
We begin 2022 in a national context of worsening housing shortages. Any decline in sales during this period is therefore relative, as demand has not disappeared. However, it will be necessary to wait until late spring to see the number of registrations increase.said Cliff Stevenson, CREA President.