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Home sales edge up as Ontario and Quebec outperform lagging western provinces

Increased activity in Quebec and Ontario has caused a slight growth in national home sales this year, but British Columbia continues to see declines.

Figures released by the Canadian Real Estate Association show little change in June compared to the previous month.

National sales grew 0.2% month-over-month in June and 0.3% year-over-year.

That was helped by big increases in places like Sherbrooke, Quebec and Kitchener-Waterloo, Ontario.

But it was offset by shrinking sales in the likes of Vancouver.

<who> Photo credit: CREA

In terms of prices, there was a 1.44% increase in values month-over-month in Barrie, Ontario and a 1.3% increase in Hamilton-Burlington, Ontario.

Montreal saw a 0.69% increase and Niagara a 1.21% rise.

But in BC, there have been further declines.

Vancouver prices are down 1.25% month-over-month and 9.64% year-over-year.

In the Okanagan Valley, prices are down 0.49% based on the previous month and 0.58% based on the previous year.

The Fraser Valley, meanwhile, is experiencing a decline in prices of 0.78% month-over-month and 6.6% year-over-year.

But going back five years, prices across the whole country are up by huge numbers – ranging from around 20% in Moncton, NB to 77% in the Fraser Valley.

“Sales activity is strong in New Brunswick where I do business, but it’s a very different story in BC, Alberta and Saskatchewan,” said Jason Stephen, CREA’s President.

The organization’s chief economist, meanwhile, spoke of regional differences in the country.

“There’s a growing divergence in Canadian housing market trends between eastern and western Canada,” said Gregory Klump.

“While sales activity in Canada’s three westernmost provinces appears to have stopped deteriorating, it will be some time before supply and demand there becomes better balanced and the outlook for home prices improves.”



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