Canada’s major real estate boards reported last week on November resale data. In terms of year-over-year comparisons, resale activity was sharply higher but, when compared to long term averages, more or less in line with them. In Vancouver activity was up 38% from November, 2012. Calgary continued its brisk activity levels in November as did Toronto. Most markets probably benefitted from home purchases being pulled forward due to the likely further gradual rise in interest rates.
Greater Vancouver Real Estate Board President Sandra Wyant described the Vancouver market as having experienced “steady and consistent trends” in 2013 which has produced “gradual and modest increases in home prices of approximately 1% over the last 12 months.” The MLS Home Price Index stood at $603,000 in November and the benchmark price for a detached home in Vancouver is $924,800. It remains Canada’s most expensive market.
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