National home prices up 9.8% in November

The Canadian Real Estate Association (CREA) released statistics for November, 2013 today.  Among the highlights from this month's report was the average sale price of homes, rising to an average of $391,085 or up 9.8% from the same figure in 2012.


Other items highlighted in this month's report:

  • The Canadian housing market remains in balanced territory
  • Actual sales activity (not seasonally adjusted) was up 5.9% versus November 2012
  • New listings rose 1.8% from October, 2013
  • National home sales dropped 0.1% from October, 2013, and 3.4% lower than September

The drop in activity from September looks to have been from homebuyers with preapprovals with lower rates than current levels purchasing their homes before their preapprovals expired.  Rates have softened since the late summer and early autumn levels, however, and continue to show no signs of rising again in the near future.


The largest gains were made in the Greater Vancouver, Calgary, Edmonton and Greater Toronto markets.  The GTA market includes the Durham Region, which has shown consistent strength over the last year.


The MLS® Home Price Index (HPI) rose 4.11% versus November, 2012.  In the GTA market, is was up 5.69% over last year, 0.83% over last month, 20.17% over 3 years and 35.65% over 5 years.  The five year gain is the highest in the country, compared to 16.94% in Greater Vancouver and 14.8% in Calgary.






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