Canadian average housing price drops
Queen’s University real estate expert John Andrew is available to comment on today’s Canadian Real Estate Association report that found the average price of a home in Canada dropped for the first time since September 2010. (He is also available to talk about tomorrow’s Bank of Canada interest rate announcement and the official opening of the new Trump International Hotel and Tower in Toronto.)
Dr. Andrew is a real estate professor in the School of Urban and Regional Planning and School of Business, and director of the Queen’s Real Estate Roundtable. He notes a large drop in Vancouver housing prices is the reason for the overall decline.
“Today’s average selling prices for existing homes released by CREA show that compared to one year ago, the average price for a home in Vancouver in March was 3.1 percent lower than one year ago. This was a large enough drop to cause the national average house price to drop by 0.5 percent below a year ago, even though it actually increased in 22 of the country’s largest 26 housing markets. This included Toronto, where prices are up about 11 percent compared to one year ago,” says Dr. Andrew. “These figures are consistent with those on the sale prices of new homes in February released last week. For those, Toronto also pulled the average national new home price up to an increase of 2.3 percent year-over-year. Vancouver new home prices declined by 2.9 percent in the same period. For the past several months, prices have continued to decline in Vancouver, while they continue to climb sharply in Toronto, led mainly by condominium sales.”
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