Canadian Housing Market Strong

The Canadian housing market continued to reach new heights in June 2007, setting quarterly and year-to-date records for sales, listings, and average price.

Statistics released by The Canadian Real Estate Association (CREA) showed that the Canadian average house price rose 11.2 per cent year-over-year in June to $315,332 (£147,260). The represented a new monthly record, and was the strongest increase since August 2006. The average price in June broke all previous monthly records in Alberta, Saskatchewan, Ontario, New Brunswick, Nova Scotia, and Newfoundland and Labrador.

Home sales rose 3.3 per cent in the second quarter of 2007 to reach the highest quarterly level on record. New quarterly records for sales were set in Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick and Nova Scotia.

Listing volumes also broke all previous monthly records in June, climbing 1.4 per cent above the previous record set in May.

“The Bank rate was increased for the first time in over a year in July, and an additional increase is expected in September. Higher interest rates and additional housing price increases will gradually impact affordability and housing demand over the second half of the year,” said CREA Chief Economist Gregory Klump.

Average House Price In Canada
June 2007

Province	House Price $ (£)
Newfoundland and Labrador	152,641 (71,283)
Prince Edward Island	134,295 (62,715)
Nova Scotia	191,593 (89,473)
New Brunswick	142,734 (66,656)
Quebec	211,206 (98,633)
Ontario	304,699 (16,204)
Manitoba	179,531 (83,840)
Saskatchewan	180,934 (84,496)
Alberta	364,072 (170,021)
British Columbia	446,893 (208,699)