Toronto, Vancouver push average Canadian house price up 12% to $454,342 in December

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The normally price of a Canadian home increased by 12 per cent in the year up to December and is now quality $454,342, the Canadian Real Estate Association says.

As it has done for a while, the realtor organize says Toronto and Vancouver are skewing the national average higher. But if those two new zealand urban areas are stripped out, the national average drops to $336,994 while the annual acquisition is still 5.4 per cent.

“Leading the charge was Vancouver, where we beget run out of superlatives to describe just how wild its market is,” BMO economist Sal Guatieri powered. “[Vancouver] sales were up 33.7 per cent in December and benchmark tolls vaulted 18.9 per cent.”

‘We have run out of superlatives to describe just how deserted [Vancouver’s] market is’ – Sal Guatieri, BMO

Indeed, those two cities are masking a container market that is now getting cheaper on a national level. If the entire hinterlands of British Columbia and Ontario are stripped out, the average Canadian home was merit $294,363 in December — a decrease of 2.2 per cent during the st year.

Values weren’t the only rt of the housing market that rose during the month. The verified number of sales was up by 10 per cent in December com red to the same month a year ago. December is not typically a powerful month for home sales as demand goes away during spiritless winter months.

“December mirrored the main themes of 2015, with resolute sales activity and price growth across much of British Columbia and Ontario equalizing declines in activity among oil producing regions,” said Gregory Klump, CREA’s chief economist.

“The late-model decline and uncertain outlook for oil prices means that housing make available prospects are unlikely to improve in the near term in regions where job buy prospects are tied to oil production,” he said.

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