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Ottawa, ON, November 16, 2015 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales increased in October 2015 from the previous month.

Highlights:

• National home sales rose by 1.8% from September to October.
• Actual (not seasonally adjusted) activity was little changed (+0.1%) compared to October 2014.
• The number of newly listed homes was up 0.9% from September to October.
• The Canadian housing market remains balanced overall.
• The MLS® Home Price Index (HPI) rose 6.7% year-over-year in October.
• The national average sale price rose 8.3% on a year-over-year basis in October; excluding Greater Vancouver and Greater Toronto, it increased by 2.5%.

The number of homes trading hands via MLS® Systems of Canadian real estate Boards and Associations rose by 1.8 percent in October 2015 compared to September. As a result, national activity stood near the peak recorded earlier this year and reached the second-highest monthly level in almost six years.

There was an even split between the number of markets where sales posted a monthly increase and those where sales declined. The national increase was driven by monthly sales gains in the Lower Mainland of British Columbia together with the Greater Toronto Area (GTA) and surrounding areas, led by the York Region, Central Toronto, and Hamilton-Burlington.

“The continuation of low interest rates is supporting home sales activity,” said CREA President Pauline Aunger. “Even so, the strength of sales activity varies by location and price segment across Canada. All real estate is local, and REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.”

“October extended resale housing market trends of recent months,” said Gregory Klump, CREA’s Chief Economist. “Single detached homes continue to be in short supply while demand for them remains strong in a number of active and populous housing markets in British Columbia and Ontario. Meanwhile, an ample supply of condo apartments remains. The balance between supply and demand is generally tighter for single detached homes than it is for condo apartments and that’s unlikely to change any time soon. For that reason, price gains for single detached homes should continue to outstrip those for condo apartment units for some time.”

Actual (not seasonally adjusted) sales in October 2015 were little changed (+0.1 percent) from activity one year ago, when it reached the second-highest level on record for the month.

Actual (not seasonally adjusted) sales were up from year-ago levels in half of all local markets, led by the Lower Mainland region of British Columbia, the GTA and Montreal. Gains there were largely offset by a drop in activity in the Calgary region, where sales were down considerably from the record set last year for transactions during the month of October.

The number of newly listed homes edged up 0.9 percent in October compared to September, led by the Lower Mainland, Victoria and the GTA. These gains were balanced by a pullback in new supply in the Okanagan Region, Edmonton and Ottawa.

The national sales-to-new listings ratio was 57.9 percent in October, which indicates that the balance between supply and demand tightened. A sales-to-new listings ratio between 40 and 60 percent is generally consistent with balanced housing market conditions, with readings below and above this range indicating buyers’ and sellers’ markets respectively.

The ratio was within this range in slightly fewer than half of all local housing markets in October. Of the remainder, an almost equal number breached the 60 percent threshold in October, nearly all of which are located in British Columbia and Ontario.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 5.5 months of inventory on a national basis at the end of October 2015, down from the 5.7 months recorded in September. As with the sales-to-new listings ratio, the October reading for months of inventory points to the tightest housing market conditions at the national level in almost six years.

The Aggregate Composite MLS® HPI rose by 6.70 percent on a year-over-year basis in October, marking a slightly more modest increase compared to the increase in September (6.90 percent).

Year-over-year price growth slowed in in October for one and two-storey single family homes, but picked up for townhouse/row and apartment units.

Two-storey single family homes continue to post the biggest year-over-year price gains (+8.67 percent), followed by one-storey single family homes (+6.02 percent), townhouse/row units (+4.88 percent) and apartment units (+4.39 percent).

Year-over-year price growth varied among housing markets tracked by the index. Greater Vancouver (+15.33 percent) and Greater Toronto (+10.33 percent) continue to post double-digit year-over-year price increases. Meanwhile, price gains in the Fraser Valley have accelerated to 10.51 percent.

By comparison, Victoria and Vancouver Island prices saw year-over-year gains that ranged between five percent and seven percent in October.

Prices in Calgary edged down by about one percent on a year-over-year basis in October and slipped lower by about one-and-a-half percent in Saskatoon. Prices also fell by a little over four percent in Regina, extending year-over-year price declines there that began in 2013.

Prices in Ottawa remained stable compared to those one year ago and were up from October 2014 levels in Greater Montreal (+1.42 percent) and Greater Moncton (+3.84 percent). (Table 1)

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in October 2015 was $454,976, up 8.3 percent on a year-over-year basis.

The national average price continues to be pulled upward by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. If these two markets are excluded from calculations, the average is a more modest $339,059 and the year-over-year gain is reduced to 2.5 percent.

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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics

For more information, please contact:
Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca

Ottawa, ON, October 15, 2015 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity eased in September 2015 from the month before.

Highlights:

• National home sales declined by 2.1% from August to September.
• Actual (not seasonally adjusted) activity edged up 0.7% compared to September 2014.
• The number of newly listed homes retreated 2.1% from August to September.
• The Canadian housing market remains balanced overall.
• The MLS® Home Price Index (HPI) rose 6.9% year-over-year in September.
• The national average sale price rose 6.1% on a year-over-year basis in September; excluding Greater Vancouver and Greater Toronto, it increased by 2.9%.

The number of homes trading hands via MLS® Systems of Canadian real estate Boards and Associations fell by 2.1 per cent in September 2015 compared to August.

Sales were down in more than half of all local markets in September, led by declines in Greater Vancouver, Calgary and the Greater Toronto Area (GTA).

“Sales are off the peak reached earlier this year but are still running strong, particularly in British Columbia and Ontario,” said CREA President Pauline Aunger. “That said, sales strength varies considerably among markets and price segments across Canada. All real estate is local, and

REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.”

“Although national sales activity was not as strong in September as it was earlier this year, a lack of supply in some parts of the country is likely keeping a lid on transactions,” said Gregory Klump, CREA’s Chief Economist. “The GTA and Greater Vancouver made sizeable contributions to the monthly decline in national sales activity. They also rank among the tightest urban housing markets in the country due to a shortage of inventory and supply of land on which to build, which is why prices there continue to grow strongly.”

Actual (not seasonally adjusted) activity in September 2015 eclipsed activity one year ago by 0.7 per cent. Sales in September 2015 reached the second-highest on record for the month, standing just 0.3 per cent (130 transactions) below the record set in September 2009.

Actual (not seasonally adjusted) sales were up from year-ago levels in a little over half of all local markets, led by the Lower Mainland region of British Columbia. Calgary posted the largest year-over-year decline in activity compared to the record set last year.

In line with sales activity, the number of newly listed homes also declined by 2.1 per cent in September compared to August led by the Lower Mainland, Victoria, the GTA, Hamilton-Burlington and Montreal.

The national sales-to-new listings ratio was 56.8 per cent in September. With sales and new listings having posted monthly declines of equal magnitude in September, the sales-to-new listings ratio held steady compared to August. A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets respectively.

The ratio was within this range in half of local housing markets in September. Of the remainder, the majority breached the 60 per cent threshold in September and consisted almost entirely of markets in British Columbia and those in and around the GTA.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 5.7 months of inventory on a national basis at the end of September 2015, up slightly from the 5.6 months recorded in each of the previous four months.

The Aggregate Composite MLS® HPI rose by 6.90 per cent on a year-over-year basis in September, accelerating from 6.43 per cent in August, 5.90 per cent in July, and 5.43 in June. The recent acceleration in year-over-year growth follows about a year-and-a-half of gains that held steady within a range of between five and five-and-a-half per cent.

Year-over-year price growth picked up in September for all Benchmark home types tracked by the index, particularly for apartment units.

Two-storey single family homes continue to post the biggest year-over-year price gains (+9.07 per cent), followed by one-storey single family homes (+6.48 per cent), townhouse/row units (+4.40 per cent) and apartment units (+4.22 per cent).

Year-over-year price growth varied among housing markets tracked by the index. Greater Vancouver (+13.72 per cent) and Greater Toronto (+10.46 per cent) continue to post by far the biggest year-over-year price increases. Meanwhile, price gains in the Fraser Valley have accelerated to almost nine per cent.

By comparison, Victoria and Vancouver Island prices logged year-over-year gains between five and six per cent in September.

For the second consecutive month, prices in Calgary were flat on a year-over-year basis. Prices in Saskatoon and Ottawa also ran roughly even with year-ago levels.

Elsewhere, home prices were up from September 2014 levels by about one-and-a-half per cent in Greater Montreal and by about two-and-a-half per cent in Greater Moncton. Prices fell by four per cent in Regina, extending year-over-year price declines there that began in 2013.

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in September 2015 was $433,649, up 6.1 per cent on a year-over-year basis.

The national average price continues to be pulled upward by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. If these two markets are excluded from calculations, the average is a more modest $334,705 and the year-over-year gain is reduced to 2.9 per cent.

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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

For more information, please contact:
Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca

Ottawa, ON, September 15, 2015 -According to statistics1 released today by The Canadian Real Estate Association (CREA), national home sales activity posted a small month-over-month increase in August 2015.

Highlights:

• National home sales edged up by 0.3% from July to August.
• Actual (not seasonally adjusted) activity stood 4.0% above August 2014 levels.
• The number of newly listed homes rose 0.5% from July to August.
• The Canadian housing market remains balanced overall.
• The MLS® Home Price Index (HPI) rose 6.43% year-over-year in August.
• The national average sale price rose 8.7% on a year-over-year basis in August; excluding Greater Vancouver and Greater Toronto, it increased by 4.2%.

The number of homes trading hands via MLS® Systems of Canadian real estate Boards and Associations edged up 0.3 per cent in August 2015 compared to July and remains near levels that have changed little since reaching a five-year high in May. (Chart A)

Sales were little changed on a month-over-month basis among all local markets in August, with an even split between markets posting increases and those with declines.

“August marked the fourth month in a row for strong and stable national sales activity,” said CREA President Pauline Aunger. “While home prices increased in British Columbia and in the Greater Toronto Area, they have been holding fairly steady in many other parts of the country for some time now. All real estate is local and REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.”

“Prices continue to rise in Ontario and British Columbia, where listings are either in short supply or heading in that direction,” said Gregory Klump, CREA’s Chief Economist. “August also provided early evidence that modest price growth is re-emerging in some markets in Quebec and New Brunswick. The continuation of low interest rates is supporting home sales and price trends, and is likely to keep doing so for some time.”

Actual (not seasonally adjusted) activity in August 2015 was up four per cent from the same month last year. It was the third highest August sales figure on record after 2005 and 2007, and stood 6.6 per cent above the 10-year average for August.

Actual (not seasonally adjusted) sales were up from year-ago levels in a little over 60 per cent of all local markets, led by the Lower Mainland region of British Columbia and the Greater Toronto Area (GTA). Sales in Calgary continued to post the largest year-over-year declines after having run near record levels there last year.

The number of newly listed homes edged up by 0.5 per cent in August compared to July, led by gains in Edmonton and the GTA.

The national sales-to-new listings ratio was 56.7 per cent in August, down slightly from 56.9 per cent in July. A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets respectively.

The ratio was within this range in a little under half of local housing markets in August. More than one-third of all local markets breached the 60 per cent threshold in August, comprised mostly of markets in British Columbia together with those in and around the GTA.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 5.6 months of inventory on a national basis at the end of August 2015, unchanged from the previous three months and holding at a three-year low for the measure.

The Aggregate Composite MLS® HPI rose by 6.43 per cent on a year-over-year basis in August, accelerating from the 5.90 year-over-year gain in July and 5.43 per cent in June. This recent acceleration in year-over-year growth follows gains that held steady within a range of about five and five-and-a-half per cent. (Chart B)

Year-over-year price growth picked up in August for all Benchmark home types tracked by the index with the exception of townhouse/row units.

Two-storey single family homes continue to post the biggest year-over-year price gains (+8.85 per cent), followed by one-storey single family homes (+6.09 per cent), townhouse/row units (+4.29 per cent) and apartment units (+3.08 per cent).

Year-over-year price growth varied among housing markets tracked by the index. Greater Vancouver (+11.96 per cent) and Greater Toronto (+9.99 per cent) continue to post by far the biggest year-over-year price increases. By comparison, year-over-year price growth in the Fraser Valley accelerated to about seven per cent, while Victoria and Vancouver Island prices logged year-over-year gains of about five per cent in August.

Prices in Calgary were flat on a year-over-year basis in August, marking the first month since September 2011 of no year-over-year price growth. Prices in Saskatoon also ran roughly even with year-ago levels.

Elsewhere, home prices were up from August 2014 levels by about one-and-a-half per cent in Greater Montreal, by about one per cent in Greater Moncton, and by about half of one per cent in Ottawa. Prices fell by about three-and-a-half per cent in Regina, extending year-over-year price declines there that began in 2013. (Table 1)

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in August 2015 was $433,367, up 8.7 per cent on a year-over-year basis.

The national average price continues to be pulled upward by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. If these two markets are excluded from calculations, the average is a more modest $338,755 and the year-over-year gain is reduced to 4.2 per cent.

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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

For more information, please contact:

Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca

Ottawa, ON, August 12, 2015 – The Canadian Real Estate Association (CREA), on behalf of its 110,000 REALTOR® members across the country, welcomes today’s announcement by Prime Minister Stephen Harper to increase the Home Buyers’ Plan (HBP) withdrawal limit from $25,000 to $35,000.

“The Home Buyers’ Plan has helped so many Canadian families realize their dream of home ownership,” said CREA President Pauline Aunger. “Today’s commitment to increase the withdrawal limit of the HBP will ensure that the dream stays within reach for today’s young people.”

The HBP was championed by REALTORS®, and introduced by government in 1992. Since its inception, over 2.8 million Canadian have used the HBP to help make home ownership more affordable. The program allows Canadians to borrow, on a repayable basis, from their own Registered Retirement Savings Plans (RRSPs) to purchase a home. The HBP is a unique program in that it provides first time home buyers a means to build home equity and save for retirement at the same time. However, the purchasing power of the HBP has been eroded by inflation.

“Maintaining the value of the HBP by increasing withdrawal limits is critical. In my own real estate business I have seen so many hard working families and first-time home buyers use this program to build a more secure financial future for themselves,” Aunger stated. “By reducing or avoiding mortgage default insurance fees and building home equity sooner, Canadians can put their own money to work for them.”

Home purchases involving the HBP generate spin-off spending and create jobs. In 2015, home purchases involving the use of the HBP are projected to result in over $2.8 billion in spin-off spending and more than 19,900 jobs.

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Highlights:

• National home sales edged back by 0.8% from May to June.
• Actual (not seasonally adjusted) activity stood 11% above June 2014 levels.
• The number of newly listed homes edged down 0.2% from May to June.
• The Canadian housing market remains balanced overall.
• The MLS® Home Price Index (HPI) rose 5.43% year-over-year in June.
• The national average sale price rose 9.6% on a year-over-year basis in June; excluding Greater Vancouver and Greater Toronto, it increased by 3.1%.

The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations declined by 0.8 per cent in June 2015 compared to May. Sales levels in May and June marked the strongest monthly readings in more than five years.

June sales were up from the previous month in about half of all local markets, led by increases in Hamilton-Burlington and in the Durham Region of the Greater Toronto Area. The monthly increase in sales there was offset by monthly sales declines in Ottawa and Montreal.

“Low interest rates are unquestionably helping boost consumer confidence and home sales activity this summer,” said CREA President Pauline Aunger. “But low interest rates are benefiting sales in some areas more than others. All real estate is local, with trends affected by a combination of local and national factors. REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.”

“Low interest rates are helping sales activity set new records in and around the Greater Toronto Area, which is boosting national sales activity,” said Gregory Klump, CREA’s Chief Economist. “Those records would be even higher were it not for an ongoing shortage of listings for single family homes in the area. The combination of strong demand and a shortage of listings is continuing to fuel single family home price increases.”

Actual (not seasonally adjusted) activity in June 2015 set a record for the month, standing 11 per cent above levels reported for the same month last year and 14 per cent above the 10-year average for the month.

Actual (not seasonally adjusted) sales were up on a year-over-year basis in about two-thirds of all local markets, led by activity in the Lower Mainland of British Columbia, Greater Toronto, Hamilton-Burlington, and Montreal.

The number of newly listed homes was little changed (-0.2 per cent) in June compared to May, marking the third consecutive month in which they remained stable. There was roughly an even split between the number of local markets showing an increase in new listings and those showing a decline.

The national sales-to-new listings ratio was 57.2 per cent in June. Although little changed from its reading the previous month, it is up from the low of 50.4 per cent reached in January when it reached its most balanced point since March 2013. The ratio has risen steadily along with sales over the first half of the year while new supply has remained stable.

A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets respectively.

The ratio was within this range in about half of local housing markets in June. About one-third of all local markets breached the 60 per cent threshold in June, comprised mostly of markets in British Columbia together with those in and around the Greater Toronto Area.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 5.6 months of inventory on a national basis at the end of June 2015, unchanged from a month earlier when it reached its lowest reading in three years. The national balance between supply and demand has tightened since the beginning of the year, when it was at its most balanced in nearly two years.

The Aggregate Composite MLS® HPI rose by 5.43 per cent on a year-over-year basis in June, accelerating slightly by comparison to the 5.17 per cent year-over-year gain logged in May. Gains have generally held within the range of between five to five and a half per cent since the beginning of 2014.

Year-over-year price growth picked up in June for single family homes, slowed for apartment units, and was little changed for townhouse/row units.

Two-storey single family homes continue to post the biggest year-over-year price gains (+7.65 per cent), with comparatively more modest increases for one-storey single family homes (+4.43 per cent), townhouse/row units (+4.00 per cent) and apartment units (+2.64 per cent).

Year-over-year price growth varied among housing markets tracked by the index. Greater Vancouver (+10.26 per cent) and Greater Toronto (+8.94 per cent) continue to post by far the biggest year-over-year price increases. By comparison, Fraser Valley, Victoria, and Vancouver Island prices all recorded year-over-year gains of about four per cent in June.

Price gains in Calgary continued to slow, with a year-over-year increase of just 0.48 per cent in June. This was the smallest gain in nearly four years and marks a full year of monthly slowdowns in the rate of year-over-year price growth.

Elsewhere, prices held steady on a year-over-year basis in Saskatoon and Ottawa and rose slightly in Greater Montreal. By comparison, prices fell by almost three and a half per cent in Regina and by about two per cent in Greater Moncton.

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in June 2015 was $453,560, up 9.6 per cent on a year-over-year basis.

The national average home price continues to be upwardly distorted by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. If these two markets are excluded from calculations, the average is a more modest $346,904 and the year-over-year gain is reduced to 3.1 per cent.

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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

Highlights:

• National home sales rose 2.3% from March to April.
• Actual (not seasonally adjusted) activity stood 10% above April 2014 levels.
• The number of newly listed homes was little changed from March to April.
• The Canadian housing market overall remains balanced.
• The MLS® Home Price Index (HPI) rose 4.97% year-over-year in April.
• The national average sale price rose 9.5% on a year-over-year basis in April; excluding Greater Vancouver and Greater Toronto, it increased by 3.4 %.

The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations rose 2.3 per cent in April 2015 compared to March. This marks the third consecutive month-over-month increase and raises national activity back to where it was during most of the second half of last year.

April sales were up from the previous month in two-thirds of all local markets, led by the Greater Toronto Area, the surrounding Golden Horseshoe region, and Montreal.

“As expected, low mortgage interest rates and the onset of spring ushered many homebuyers off the sidelines, particularly in regions where winter was long and bitter,” said CREA President Pauline Aunger. “All real estate is local and REALTORS® remain your best source of information about sales and listings where you live or might like to in the future.”

“In recent years, the seasonal pattern for home sales and listings has become amplified in places where listings are in short supply relative to demand,” said Gregory Klump, CREA’s Chief Economist. “This particularly stands out in and around Toronto. Sellers there have increasingly delayed listing their home until spring. Once listed, it sells fairly quickly. Sales over the year as a whole in Southern Ontario are likely being constrained to some degree by a short supply of single family homes. However, the busy spring home buying and selling season has become that much busier as a result of sellers waiting until winter has faded before listing.”

Actual (not seasonally adjusted) activity in April stood 10.0 per cent above levels reported in April 2014. This marks just the third time ever that sales during the month of April topped 50,000 transactions.

Sales were up on a year-over-year basis in about 70 per cent of all local markets, led by activity in the Lower Mainland of British Columbia, Greater Toronto, and Montreal. Of the 18 local markets that set new records for the month of April, all but two are in Southern Ontario.

The number of newly listed homes was virtually unchanged (+0.1 per cent) in April compared to March. Below the surface, new supply rose in almost two thirds of all local markets, led by a big rebound in Halifax-Dartmouth following a sharp drop in March. This was offset by declines in Greater Vancouver, Victoria, and the Okanagan Region, as well as by a continuing pullback in new supply in Calgary. New listings in Calgary have dropped by one-third from their multi-year high at the end of last year to their current multi-year low.

The national sales-to-new listings ratio was 55.3 per cent in April, up from 50.4 per cent three months earlier as the ratio has steadily risen along with sales so far this year.

A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets respectively. The ratio was within this range in the majority of local housing markets in April.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 5.9 months of inventory on a national basis at the end of April 2015, down from 6.1 months in March and 6.5 months at the end of January when it reached the highest level in nearly two years. While the sales-to-new listings ratio and months of inventory measures of market balance indicate that the housing market has tightened on a national basis over the past few months, both measures remain firmly entrenched in balanced market territory.

The Aggregate Composite MLS® HPI rose by 4.97 per cent on a year-over-year basis in April, on par with the 4.95 per cent year-over-year gain recorded in March.

Year-over-year price growth accelerated in April for apartment units and two-storey single family homes, while decelerating for townhouse/row units and one-storey single family homes.

Single family home sales continue to post the biggest year-over-year price gains (+5.84 per cent), led by two-storey single family homes (+6.89 per cent). By comparison, the rise in selling prices was more modest for one-storey single family homes (+4.20 per cent), townhouse/row units (+3.87 per cent), and apartment units (+2.60 per cent).

Price gains varied among housing markets tracked by the index. For the third consecutive month, Greater Vancouver (+8.50 per cent) and Greater Toronto (+8.43 per cent) posted the biggest year-over-year price increases. By comparison, Fraser Valley, Victoria, and Vancouver Island recorded gains in the range between 2.7 per cent and 4.0 per cent.

Price growth in Calgary continued to slow, with a year-over-year increase of just 2.21 per cent in April, the smallest gain in three years and the tenth consecutive month for which the gain diminished.

Prices remained stable on a year-over-year basis in Saskatoon and Ottawa, while rising slightly in Greater Montreal, dipping slightly in Greater Moncton, and falling in Regina.

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in April 2015 was $448,862, up 9.5 per cent on a year-over-year basis.

The national average home price continues to be upwardly distorted by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. Excluding these two markets from calculations, the average price is a more modest $339,893 and the year-over-year gain shrinks to 3.4 per cent.

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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.