Canadian Housing Market Shows Signs of Stabilization

There were signs of stabilization in the housing market as prices continued to climb in January, while total sales fell from a year before, according to the Canadian Real Estate Association.

The average national sale price of a home rose two per cent from January 2012 to $354,754 last month, while the number of homes sold in January declined 5.2 per cent from a year earlier. CREA says that’s due to tighter mortgage rules that came into effect midway through last year.

Sales rose 1.3 per cent from December to January.

“National sales activity continues to hold fairly steady at the lower levels first reached when mortgage rules were tightened,” CREA president Wayne Moen said in a release.  Read More…

This article has 10 Comments

  1. Eric N

    It's about time! I thought we were going to be continuing our sink like the U.S. into a big recession.

    For those educated here we were one of the few countries that weathered the great financial collapse of 2008 and so my fear was we hadnt but were on a slow decline predicated by it. Glad to see i was wrong (for now). 🙂

  2. Rigoberto C.

    Rent and be done with it already!

  3. Kristian V.

    Prices have been dropping at a consistent rate and which is why i have left the game (of selling) and focusing on now buying and looking for good deals. It's all cyclic every 10 years.

  4. Vaile D

    If you read closly it doesnt quite say it is a universal occurance across Canada. Just pockets. Hold tight.

  5. Jamal

    And yet banks are still being a bit stingy on the mortgage rates they are offering. It reminds me of the credit default swaps situation.

  6. Kyler

    I've bought a few properties in Florida and have been avoiding Canada for some time because of the higher price especially here in Vancouver.

    I still don't think prices have dropped enough though.

  7. Lorenzo Hanes

    Not in my area it isn't. House prices continue to fall and us homeowners are really taken a hit. 🙁

  8. Demario Elder

    Here in London, Ontario they build houses like there is no tomorrow. They are giant mansions as what the typical middle-class is demanding. Not sure how they can afford it since they look like at least $2m. No wonder our country is drowning on debt. Because so many people are always looking for the next flashy, big thing.

  9. Brandon

    I really wish i could own a home. My family isn't rich enough but we always felt it would be nice to own one. Have lived in apartments all my life.

  10. Peyton S

    Bank of Canada needs to do something about interest rates. They've been sitting on their hands for 3 years now and as such the market isn't necessarily stabilizing as it is just teetering.

Leave a Reply

Your email address will not be published. Required fields are marked *