Canadian Real Estate Market Update

The Latest Market Update March 2019

The Latest Market Update March 2019

The latest market update for March 2019 across Canada continues to show a steady decrease in sales across most major markets in Canada, except for Quebec.

A Look At Montreal Sales March 2019

According to Centris:

Residential sales increased in March 2019, a modest 1 per cent compared to March of last year. This was the 49th consecutive monthly increase in sales.

The Island of Montreal posted a 6 per cent drop in sales, while sales in Laval fell by 1 per cent. But one must take into account a 15 per cent drop in inventory compared to one year earlier.

The number of sales of single-family homes remained unchanged compared to March of last year, while the number of condominium transactions increased by 5 per cent and the number of plex transactions fell by 5 per cent.

The median price of single-family homes continued to strengthen, reaching $331,000 (+5 per cent)in March while condominiums also rose, growing by 3 per cent to reach $248,000. The price of plexes (2 to 5dwellings) was unchanged compared to March of last year, sitting at $500,000.

Source Centris and Quebec Association of Real Estate Brokers

Sales Across Canada March 2019

According to Crea:

“Home sales via Canadian MLS® Systems edged up 0.9% in March 2019 following a sharp drop in February, leaving activity near some of the lowest levels recorded in the last six years. Among Canada’s larger cities, activity improved in Victoria, the Greater Toronto Area (GTA), Oakville-Milton and Ottawa, whereas it declined in Greater Vancouver, Edmonton, Regina, Saskatoon, London and St. Thomas, Sudbury and Quebec City.”

“Actual (not seasonally adjusted) sales activity fell 4.6% y-o-y to the weakest level for the month since 2013. It was also almost 12% below the 10-year average for March. That said, in British Columbia, Alberta and Saskatchewan, sales were more than 20% below their 10-year average for the month. By contrast, activity is running well above-average in Quebec and New Brunswick”.

“Home prices rose 7.6% y-o-y in Ottawa (led by a 10.4% increase in townhouse/row unit prices), 6.3% in Greater Montreal (led by an 8.1% increase in apartment unit prices) and 2.1% in Greater Moncton (led by a 12.9% increase in apartment unit prices). ”

Read the full report by CREA

 

Image by jarrodstark0 from Pixabay
Bonnie Meisels
[email protected]
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