CREA
Canadian home sales rise in March
Mon, 04/15/2013 - 09:00
Ottawa, ON, April 15, 2013 - According to statistics released today by The Canadian Real Estate Association (CREA), national home sales edged upward on a month-over-month basis in March 2013 but stayed well below levels recorded one year ago.
Highlights:
- National home sales rose 2.4% from February to March.
- Actual (not seasonally adjusted) activity came in 15.3% below levels in March 2012.
- The number of newly listed homes was up 3.2% from February to March.
- The Canadian housing market remains firmly in balanced territory.
- The national average sale price rose 2.5% on a year-over-year basis in March.
- The MLS® HPI rose 2.2% in March, its smallest gain in more than two years.
Mortgage Broker News
Home sales were up slightly nationwide for the month of March, but remain well below levels recorded from a year ago, according to statistics released today by the Canadian Real Estate Association (CREA).
Home sales were up slightly nationwide for the month of March, but remain well below levels recorded from a year ago, according to statistics released today by the Canadian Real Estate Association (CREA).
More importantly, the Home Price Index for March rose only 2.2 per cent – its smallest gain in more than two years.
“National sales have been holding fairly stable since last summer,” says CREA President Laura Leyser. “We’ll be watching closely as the spring market picks up to see whether the March sales increase marks the beginning of an improving trend.”
Home sales rose 2.4 per cent from February to March of this year, but actual activity for March compared to the same month a year ago were 15.3 per cent below the 2012 levels.
New listings were up 3.2 per from February to March, with average sale prices up 2.5 per cent from compared to March 2012.
CREA attributes the sluggish March sales numbers to the Easter holiday and the loss bank days due to an extra full weekend at the end of the month – known as the “trading day effect.”
“Easter and trading day factors combined effectively to cut March sales short,” says Gregory Klump, CREA’s chief economist. “Activity in the months ahead will reveal whether the monthly improvement in seasonally adjusted March sales reflects technical seasonal adjustment factors or a fundamental improvement in demand.”
