CREA Release April Housing Market Numbers

April Housing Market NumbersWednesday, the Canadian Real Estate Association (CREA) released their numbers for the month of April.

Home sales across the country were up 0.6% from March 2013, though they remained 3.1% lower than in April 2012.  The national average sale price is up 1.3% from last year and CREA confirms that the Canadian housing market is firmly balanced.

Home sales improved notably in the areas of Greater Toronto, Winnipeg, Calgary and Victoria.

While this is a nation-wide trend, CREA President Laura Leyser notes that local housing market trends may show different results.  “Trends for sales and listings and for the balance between the two can be and often are very different between and within local housing markets,” Leyser noted.

The licensed brokers at Commonsense Network Brokerage, part of the ComFree Network, agree.

“The Alberta market is a good reminder that real estate is local.  Alberta is one of the country’s regions which is resisting a slowdown and helping to provide buoyancy and stability to the national sales numbers and price increases while other regions contribute to the gravitational pull referenced in CREA’s report,” says Scott Bollinger, Licensed Real Estate Broker in Alberta.

Bollinger notes that sellers in Alberta should be aware that both Calgary and Edmonton are experience the strongest market conditions since 2007.

While things are slowing down in the Ontario market, average sales prices are remaining stable or are slightly higher than they were in 2012, says Randall Weese, Licensed Broker of Record in Ontario.

“This is creating a false sense of stability in the market,” says Weese.  “Many homes are still being listed in hopes of achieving these lofty sale prices.”

Weese warns that, “Moving forward, this trend will correct itself as average sale prices will dip when the market has more inventory than it can bear.”

Weese reminds those listing their homes for sale in Ontario to be mindful of your equity, and to have realistic price expectations.

If you are listing with ComFree, the Premium package gives you a list of sold comparables, and the Prestige package includes a Comparative Market Analysis (CMA).  Be sure to use these tools carefully when you set your sale price.

If you’re preparing to buy or sell a home, visit today.

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