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Average Canadian house price up another 12% to $454,342
But if B.C. and Ontario are stripped out, average house price declined by 2.2% last year
Hot markets in Toronto and Vancouver are skewing the national average price of a Canadian home higher, CREA says. (Daniel Acker/Bloomberg)
The average price of a Canadian home increased by 12 per cent in the year up to December and is now worth $454,342, the Canadian Real Estate Association says.
As it has done for a while, the realtor group says Toronto and Vancouver are skewing the national average higher. But if those two cities are stripped out, the national average drops to $336,994 while the annual gain is still 5.4 per cent.
“Leading the charge was Vancouver, where we have run out of superlatives to describe just how wild its market is,” BMO economist Sal Guatieri said. “[Vancouver] sales were up 33.7 per cent in December and benchmark prices vaulted 18.9 per cent.”
‘We have run out of superlatives to describe just how wild [Vancouver’s] market is’– Sal Guatieri, BMO
Indeed, those two cities are masking a housing market that is now getting cheaper on a national level. If the entire provinces of British Columbia and Ontario are stripped out, the average Canadian home was worth $294,363 in December — a decrease of 2.2 per cent during the past year.
Prices weren’t the only part of the housing market that rose during the month. The actual number of sales was up by 10 per cent in December compared to the same month a year ago. December is not typically a strong month for home sales as demand goes away during cold winter months.
“December mirrored the main themes of 2015, with strong sales activity and price growth across much of British Columbia and Ontario offsetting declines in activity among oil producing regions,” said Gregory Klump, CREA’s chief economist.
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Overvalued housing prices and how to read them: Don Pittis
Overvalued housing prices and how to read them: Don Pittis
I was reading about baseball cards over the Christmas holidays and it made me think of Canadian houses.
From the Bank of Canada’s warning to last week’s devastating analysis from Germany’s Deutsche Bank that claimed a 63 per cent overvaluation, it seems we are being told once again that we think our houses are worth a lot more than they really are.
As we wait for the latest figures from the Canadian Real Estate Association (CREA) this week, homeowners and prospective buyers will be looking for concrete signals about what to believe.
- Bank of Canada says Canadian house prices up to 30% overvalued
- Fears of a Canadian housing bubble overblown
The article I read about collectible cards ostensibly had nothing whatever to do with houses. It was light and charming, an autobiographical feature in the Economist’s Christmas double issue, about how a childhood craze for collectible cards had turned into a serious financial speculation.
Baseball cards that had sold in the thousands began trading at absurd prices. Canadian hockey star Wayne Gretzky bought one card for nearly half a million dollars.
…click on the above link to read the rest of the article…
