Housing market off to solid fall season
Canada’s housing market – including condo sales – is off to a solid start this fall, with new data pointing to a near 11 per cent rise in sales for September compared to a year ago.
Nationally, sales for all property types rose 10.6 per cent to 42,151 units, led by significant gains in British Columbia, Saskatchewan, New Brunswick and Prince Edward Island. New listings rose eight per cent, thanks to growth in the Maritime provinces, while the average price increased almost six per cent, to $408,795.
Calgary realized the greatest rise in sales, up 31.2 per cent to 488 units sold in September, while the average price rose 8.8 per cent to $318,913. In Toronto, sales rose 20.2 per cent to 1,976 units with average price hiking 7.1 per cent to $366,588.
That increase in activity is being felt on the ground.
“A lot of people start looking for homes, or take up their search again, so I’m not surprised that sales are up,” says David Fleming, an agent with Bosley Real Estate in Toronto. “[September] is one of the busiest months of the real estate calendar.”
In terms of prices, Vancouver experienced the greatest rise, up 11.3 per cent to $476,498. During the month of September, 1,191 condos were sold in the West Coast city.
September’s performance is largely in line with industry expectations.
In August, CREA’s chief economist Gregory Klump accurately predicted no slowdown to Toronto’s housing market. “That’s because there’s a shortage and there will be a shortage because the city is trying to densify,” he said.