The Canadian Real estate Association (CREA) posted recent statistics showing the change between January and February of this year. A total of 42,799 homes were traded last month, down 1.5% from January, as a gains in Toronto were offset by a decline in units sold in Vancouver.
The Winter Olympics were cited as a possible factor in lower sales in the province last month. Unit sales were down 13.3 %. Compared to Ontario's growth of 3.3% during the same period.
Continuing low interest rates could further prompt home resales this spring ahead of new mortgage rules set to take effect in April. The introduction of the harmonized sales tax will also add to the buying mood of the consumer this spring, as buyers seek to purchase before the tax change takes effect.
The average Canadian house price in February rose by 18.2 % from last year.
Currently the most affordable Canadian city for housing is Thunder Bay, Ontario with a February average house price of $142,280, up 23.6 % from a year ago.
The most unaffordable Canadian city for housing continues to be Vancouver, BC with a February average house price of $658,984. That is also an increase in price from a year ago of 22.4%
Most experts agree that the Canadian housing market will be moving to a more balanced market in the fall, while the spring will continue to heat up to answer demand.