Property prices in Canada increased by 5%

The average sale price in Canada has increased by 5% year to year and by 3.2% on monthly basis, the latest data from the Canadian Real Estate Association has shown.

According to figures, the average price for homes sold in the country in June 2012 was $386,585, almost 5% higher than the same month last year.

Home sales improved in almost all large urban markets over the last 12 months, with Victoria, Fraser Valley, Edmonton, Greater Vancouver, Montreal and Winnipeg reporting the biggest gains.

Prices for single-storey homes rose by 3.1% year-on-year in June, pursued by town house and terraced properties, which witnessed an increase of 1.6%. The prices of apartments has grown by 0.4%.

About 240,068 home transactions were recorded across the country in the first six months of this year, almost 7% below levels in the first half of 2012. Increase in mortgage interest rates is appeared as the prime reason behind the decline. While the gap between sales this year and last year is expected to reduce, the annual sales aren’t likely to go past the total sales of 2012.

The number of newly-listed homes in Canada declined 0.5% month-on-month basis in June. While country’s most active urban markets like Edmonton, Quebec City, Oakville-Milton, Saskatoon, Hamilton-Burlington, Greater Vancouver and Winnipeg recorded rise in new listings, it was offset by a decline in new listings in numerous other large urban centers including Greater Toronto, Montreal, Fredericton, Fraser Valley, London & St. Thomas and Calgary.

With sales activity increasing and new listings declining, the national sales to new listings ratio grew to 53.8% in June, 2% up from that of in May.

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