The Average Home Cost In Canada Increases By 9.5 Percent

Homeowners in Canada who are looking at purchasing new homes will have to spend a little bit more as compared to those who purchased them in 2014, a new report has indicated. According to the reports, there has been an increase of 9.5% in terms of the cost of homes in Canada. As at now the price for the average home in Canada now stands at $448,000.

A report by the Canadian Real Estate Association has indicated that the numbers for home sale in April, if compared to those in March, were up by 2.3%. This was the third consecutive month-over-month climb to be reported. However, it’s good to note that it was down from the 4.1% increase which was recorded in March.   

A statement issued out by Pauline Aunger, president of CREA, said that, “As expected, low mortgage interest rates and the onset of spring ushered many homebuyers off the sidelines, particularly in regions where winter was long and bitter.”

Month-over-month sales basis were up in two thirds of the markets that had been tracked. They were lead by gains that was reported in both the Toronto region as well as Montreal. For Montreal, a gain of 4.4% was posted while in Toronto the gain posted was 2.9%.

If the figures obtained are compared with last year’s figure then there will be an increase of 10%. This increase is highly due to good numbers posted in the Greater Vancouver region as well as the Fraser Valley regions and lastly Toronto.