December home sales up 10 per cent over last year: CREA

OTTAWA -- Sales of existing homes rose 10 per cent in December compared to the same month the previous year, the Canadian Real Estate Association said Friday.

See Full Article

The national average price for a home sold last month was $454,342, up 12.0 per cent from a year ago, boosted by gains in the Vancouver and Toronto regions.

Excluding Greater Vancouver and Greater Toronto, the average price was $336,994, up 5.4 per cent from a year ago.

Sal Guatieri, senior economist at BMO Capital Markets, says that with the possibility of a further interest rate cut from the Bank of Canada on the horizon, the red-hot real estate markets in Vancouver and Toronto are unlikely to see a significant pullback.

However, price gains in those markets could be "less frothy," Guatieri said in a note to clients.

"The pain in the oil-producing regions will persist, if not intensify, until oil prices show a pulse," he added.

TD economist Diana Petramala said home sales could spike in January as buyers look to pre-empt changes from Ottawa requiring higher down payments for homes worth between $500,000 and $1 million, which will take effect in mid-February.

Compared to the previous month, homes sales slipped in December by 0.6 per cent, the Canadian Real Estate Association said. Sales were down in Calgary and Edmonton as well as York Region and Hamilton-Burlington in Ontario.



Advertisements

Latest Canada & World News

  • Trump praises CIA, rips media coverage of inauguration

    World News Toronto Sun
    WASHINGTON — President Donald Trump opened his first full day as president Saturday at a national prayer service, the final piece of transition business for the nation’s new chief executive before a promised full-on shift into governing. Source
  • Trump's inaugural cake a knock-off of Obama's, celebrity baker says

    World News CTV News
    U.S. President Donald Trump’s inaugural cake appears to have taken more than a slice of inspiration from the cake former President Barack Obama cut into after his re-election four years ago. Celebrity baker Duff Goldman, whose Baltimore cake emporium is the subject of the popular reality television show “Ace of Cakes,” spotted hints of his handiwork and called attention to the alleged pastry plagiarism with a side-by-side photo Friday evening. Source
  • Gambia's defeated president finally cedes power, to enter exile weeks after election loss

    World News CBC News
    Gambia's defeated leader Yahya Jammeh and his family headed into political exile Saturday night, ending a 22-year reign of fear and a post-election political standoff that threatened to provoke a regional military intervention when he clung to power. Source
  • Search intensifies for 23 in avalanche-struck hotel

    World News Toronto Sun
    FARINDOLA, Italy — Rescuers listened for signs Saturday of any more survivors, three days after an avalanche slammed into a resort hotel in Italy’s central Apennines mountains. Using saws, shovels and just gloved hands, they advanced slowly through the wreckage in hopes of locating some 23 guests and hotel workers still missing. Source
  • Canadians heading to women's march turned away at U.S. border

    Canada News Toronto Sun
    The plan was simple. Montrealer Sasha Dyck and some friends would drive to Washington to join the Women's March. But when the six Canadians and two French nationals reached the border at Saint-Bernard-de-Lacolle, in Quebec, they ran into trouble. Source
  • Trump's D.C. hotel a hub of activity and ethics questions

    World News CTV News
    WASHINGTON -- Red, white and blue balloons rained down over crystal chandeliers in the soaring atrium of the Trump International Hotel at midnight Friday -- "a new inaugural tradition," its social media account promised. But while President Donald Trump's hotel in Washington did serve as a hub of inaugural activities, it also stands as ground zero for what top Democrats and some ethics advisers see as his unique web of conflicts of interest. Source
  • CTV News on the ground in Washington for Women's March

    World News CTV News
    CTV News reporters and producers are on the ground in Washington for the Women's March. For live updates from the scene, follow CTV News on Instagram, Snapchat, Twitter, YouTube and Facebook. Here's some of their updates so far. Source
  • Brit and Canadian heading to Women's March turned away at U.S. border

    Canada News CTV News
    A U.K. national in Canada on a student visa says he and a friend were turned away at the U.S. border because they intended to go to Saturday's Women's March in Washington. Joe Kroese said he and his Canadian friend were trying to cross the border with two Americans on Thursday. Source
  • 'I am so behind you,' Trump assures CIA officials on 1st full day in office

    World News CBC News
    U.S. President Donald Trump moved to mend his tumultuous relationship with America's spy agencies Saturday, travelling to CIA headquarters on his first full day in office and assuring officials, "I am so behind you." But the president quickly shifted from praise for the CIA to criticism of media coverage of inauguration day, in an unscripted address that overstated the size of the crowd that gathered on the National Mall as he took the oath of office. Source
  • Mexican president congratulates Trump in phone conversation

    World News CTV News
    Republican presidential nominee Donald Trump walks with Mexico President Enrique Pena Nieto at the end of their joint statement at Los Pinos, the presidential official residence, in Mexico City on Wednesday, Aug. 31, 2016. (AP / Dario Lopez-Mills) Source