Latest news with #CanadianRealEstateAssociation
Vancouver Sun
2 days ago
- Business
- Vancouver Sun
'Disappointing at best': Vancouver real estate prices falling, but sales slow
House prices have fallen more in Metro Vancouver than in the rest of the country, but that has not necessarily translated into increased sales. The average house prices in Greater Vancouver fell to $1.2 million in April from $1.3 million in April 2024, a 6.6 per cent decline. By comparison, Greater Toronto had a 4.2 per cent decline in prices in the same period, according to Zoocasa, a real estate listing site and company, which analyzed monthly benchmark prices released by the Canadian Real Estate Association. Nationally, there was an average 3.5 per cent drop. The most significant price drops in Metro Vancouver were in eastern Burnaby, where the benchmark price fell seven per cent from May 2024 to May 2025 to $1.09 million. West Vancouver saw a six per cent drop to $2.49 million, and Richmond saw a 5.2 per cent decline to $1.13 million. Stay on top of the latest real estate news and home design trends. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Westcoast Homes will soon be in your inbox. Please try again Interested in more newsletters? Browse here. Meanwhile, the number of sales, year-over-year, is still falling here and in some other markets, but nationally, there were early signs that the number of sales may be increasing. In May, residential sales in Metro Vancouver totalled only 2,228, a sharp 18.5 per cent drop year-over-year and more than 30 per cent below the 10-year average. Across the country, home sales fell a more moderate 4.3 per cent, year-over-year, in May, according to the real estate association. But they were up 3.6 per cent from April to May, the first month-over-month increase at the national level in more than six months, driven largely by the Toronto and Calgary markets. The senior economist at the Canadian Real Estate Association, which represents hundreds of thousands of real estate agents, boards and associations, was careful to say the national trend of sales and prices is only based on one month of data. Real estate boards use what is known as the MLS Home Price Index, which is a benchmark price that tracks so-called typical homes in different categories. Homes are chosen yearly for being 'in the middle of the pack' when it comes to quantitative attributes, such as above-ground square footage or number of rooms, and having qualitative features, such as a fireplace or access to a garage. Boards prefer this index since taking an average of sale prices in an area in a given month to calculate how much they have increased or decreased can be skewed if there is a large sale or an unusual one. However, using the average of sale prices is a closer indicator of what is happening in real time in a market. Real estate agents in Metro Vancouver note there are additional factors when thinking about home prices and the overall market. Surrey-based real estate agent Mayur Arora said that real estate board benchmark and average prices don't include sales of new units, mostly condos and townhomes. Some developers have been discounting prices of these to move them, and including these would give a truer snapshot of overall market prices. Everyone is looking for signs of what will motivate buyers who have been sitting on the sidelines, said Arora. 'Spring has been disappointing at best. It feels like being in a swimming pool and you can't touch the bottom, but your toe can feel that this is it soon,' he said, explaining that buyers want to know that prices have stabilized before buying, which may be why sales are down or flat even though prices have fallen. Vancouver real estate agent Kevin Banno recently put a North Vancouver home on Delbrook Avenue under contract for about $300,000 over its asking price of $1.999 million. He thought the large lot with views, but a rundown, vacant home on a street with much more expensive homes worth between $4 million to $6 million might draw a builder or developer. Banno received eight offers all over the asking price, an indication of how the market is eager to buy certain properties and how much money there is sitting on the sidelines for these, said Arora. This isn't the case for other listings where there is a lot of selection of the same kind of product, said Banno. 'There's no urgency. If it's a duplex on a single-family lot on the east side or the west side, it's just crickets. You get the classic line, 'I loved it and I have 12 more to see.'' jlee-young@
CTV News
4 days ago
- Business
- CTV News
May home sales down 4.3 per cent from year ago, but activity up month-over-month
The Canadian Real Estate Association says home sales in May fell 4.3 per cent compared with a year ago, however activity picked up when compared to the previous month. A real estate sign showing homes for sale is seen in Montreal on Monday, March 24, 2025. THE CANADIAN PRESS/Christinne Muschi
Global News
4 days ago
- Business
- Global News
Home sales up 3.6% in May after ‘delayed' start to peak season: CREA
Worries about tariffs and the trade war may have been weighing on the minds of potential home buyers and sellers, but the month of May showed some upward momentum, which could signal that the housing market is starting to warm up as summer officially approaches. 'May 2025 not only saw home sales move higher at the national level for the first time in more than six months, but prices at the national level also stopped falling,' said Shaun Cathcart, senior economist at the Canadian Real Estate Association (CREA). 'There is a sense that maybe the expected turnaround in housing activity this year was just delayed for a few months by the initial tariff chaos and uncertainty.' According to the latest report from the Canadian Real Estate Association, national home sales in May were up 3.6 per cent compared to April of this year, and the number of new properties added to the market increased by 3.1 per cent in the same period. Story continues below advertisement 1:36 Uncertainty in B.C. real estate market sees lowest home sales in a decade The CREA also highlighted that the increase last month was led by more activity in hot markets like the Greater Toronto Area, Calgary and Ottawa. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy This still represents a cooler market than the same time in 2024, and that's mainly because of uncertainty about the economy due to the trade war and other factors weighing on buyers and sellers. The national average sale price in May was 1.8 per cent lower than last year. When adjusting for seasonal factors, the Home Price Index was relatively unchanged in May compared to April of this year. Potential buyers may have been waiting on the sidelines for concerns about the trade war to settle, as well as to see how interest rates might be affected. As the Bank of Canada continues with its 'wait and see' approach in determining whether to make any changes to borrowing costs, which have a direct effect on mortgage costs, buyers who had been waiting for rates to decrease further may have been putting down offers on homes in May. Story continues below advertisement Although this is a promising sign for the housing market, the CREA findings are mostly based on national averages, and it's important to consider individual needs and preferences. 'Overall (there were) more sellers and buyers (in May) compared to April … it seems like this may carry over into June as well,' said CREA chair Valérie Paquin. 'If you're looking to buy or sell a property heading into the second half 2025, you'll need to understand how national trends are — or are not — playing out locally.'
Toronto Sun
4 days ago
- Business
- Toronto Sun
May home sales down from year ago, but activity up month-over-month
Published Jun 16, 2025 • 1 minute read A "for sale" sign is pictured outside a home in this undated file photo. Photo by TYLER ANDERSON / POSTMEDIA The Canadian Real Estate Association says home sales in May fell 4.3 per cent compared with a year ago, however activity picked up when compared to the previous month. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Home sales rose 3.6 per cent from April, marking the first month-over-month increase at the national level in more than six months. CREA senior economist Shaun Cathcart says that after buyers sat on the sidelines for much of 2025 so far, there is a sense that 'maybe the expected turnaround in housing activity this year was just delayed for a few months by the initial tariff chaos and uncertainty.' The association also says new listings rose 3.1 per cent month-over-month. There were 201,880 properties listed for sale across Canada at the end of May, up 13.2 per cent from a year earlier, but still five per cent below the long-term average for the month of around 211,500 listings. The actual national average sale price of a home sold in May was $691,299, down 1.8 per cent from a year ago. Sunshine Girls World Toronto & GTA Sunshine Girls Canada
Yahoo
4 days ago
- Business
- Yahoo
Canadian home sales rise, prices flat in May on a monthly basis
OTTAWA (Reuters) -Canadian home sales rose 3.6% in May from April and were down 4.3% on an annual basis, data from the Canadian Real Estate Association showed on Monday. The industry group's Home Price Index was almost unchanged on the month and was down 3.5% annually, while the national average selling price was down 1.8% on the year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
