Sales Of Houses In Canada Decline In December
Source: Canadian Real Estate Association
Figures in the above map are seasonally adjusted at annualized rates
As in most other countries, the Canadian residential housing market is in a constant state of flux, with the rate of house sales increasing and decreasing according to a number of market factors. The average selling prices of houses also tends to shift–sometimes dramatically–which in itself can have a noticeable effect in the rate of house sales.
December 2014 marked a fairly significant turning point for the housing market in Canada, with a moderate decline in the sale of houses from the previous month. This information is culled from data provided by the Canadian Real Estate Association, which monitors the real estate market trends all over the country.
The decline in the sale of houses in the country can be attributed to a number of factors. In certain provinces, the trend could partially be explained by an increase in the average selling prices of property in the residential market. In provinces where the average price of houses actually decreased, the decline in house sales are attributable to factors other than changes in the average selling prices of homes, such as reduced income and lower migration rates.
At present, the average price for residential property in Canada is $405,233. This figure represents a moderate climb from the year 2000, when the average selling prices of homes in the country was $200,000. Compared to November 2014, the average prices for homes increased in the following provinces:
• Northwest Territories
• British Columbia
• Nova Scotia
Elsewhere in the country, the average prices of homes actually took the opposite turn, with significant decreases reported in the following provinces:
• New Brunswick
• Prince Edward Island
• Newfoundland and Labrador
The market balance for the housing market in the country is currently pegged at about 50%. Considering that 40% to 60% is the median range for market balance, the housing market in Canada could be considered fairly balanced.