Residential Market Commentary - September 10, 2015

Sep 10, 2015, 14:01 PM by First National

As we head into the busy, autumn, real estate season Canada's housing market is showing itself to be largely balanced and stable.

Of course Vancouver and Toronto continue to exert undue influence on the national averages. In Toronto the average price of a detached, single-family home topped one million dollars again.

In Vancouver, August sales surpassed year-ago numbers by more than 21% with 3,362 deals done. The MLS benchmark price is up 12% from 2014. The average for a detached property is now $1.16 million, up 17.5%.

The other market showing big swings is Calgary. August sales were off 27% compared to 2014, but prices remain relatively robust. The average and the benchmark are down 0.09% and 2% respectively year-over-year. But on a year-to-date basis the benchmark is actually up 2.4%.

Montreal remains the most active market in Quebec with 2,408 residential sales in August, up 8% from a year ago. The median price for a single-family home rose 2% to $290,000.

Low interest rates will likely continue to prop up home sales. All of the current economic indicators suggest the Bank of Canada will remain on the sidelines when it announces its latest rate setting on Wednesday.