Search Results for: 74

Highlights:

• National home sales edged up 4.1% from February to March.
• Actual (not seasonally adjusted) activity stood 9.5% above March 2014 levels.
• The number of newly listed homes rose 1.8% from February to March.
• The Canadian housing market remains balanced.
• The MLS® Home Price Index (HPI) rose 4.95% year-over-year in March.
• The national average sale price rose 9.4% on a year-over-year basis in March; excluding Greater Vancouver and Greater Toronto, it increased by 2.4%.

The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations rose by 4.1 per cent in March 2015 compared to February.

March sales were up from the previous month in nearly two-thirds of all local markets, led by Greater Vancouver, Fraser Valley, Calgary and Edmonton. Despite the monthly rebound, Calgary and Edmonton sales came in below the 10 year average for the month of March.

“Low mortgage interest rates are good news for affordability as we head into the spring home buying season,” said CREA President Pauline Aunger. “This spring should see buyers coming off the sidelines in places where winter was anything but mild. Like the weather, all real estate is local and nobody knows your real estate market better than REALTORS®, who remain your best source for information about sales and listings where you currently live or might like to in the future.”

“Greater Vancouver and the GTA are really the only two hot spots for home sales and prices in Canada,” said Gregory Klump, CREA’s Chief Economist. “Price gains in these two markets are being fuelled by a shortage of single family homes for sale in the face of strong demand. Meanwhile, supply and demand for homes is well balanced among the vast majority of housing markets elsewhere across Canada.”

Year-over-year price gains for single family homes in Greater Vancouver and Greater Toronto have exceeded those in other housing markets tracked by the MLS® HPI throughout the first quarter of 2015 (Chart A).

Actual (not seasonally adjusted) activity in March stood 9.5 per cent above levels reported in March 2014 and slightly above the 10 year average for the month. March sales failed to lift activity recorded during the first quarter above its 10 year average. First quarter sales were below their 10 year average in most local housing markets.

The number of newly listed homes rose 1.8 per cent in March compared to February. The rebound in Greater Toronto more than offset the continuing pullback of new supply in Calgary, where it had climbed sharply toward the end of last year but now stands at a multi-year low.

The national sales-to-new listings ratio was 53.9 per cent in March, up from 52.7 per cent in February and 50.4 per cent in January.

A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets respectively. The ratio was within this range in about 60 per cent of all local housing markets in March.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 6.1 months of inventory on a national basis at the end of February 2015, down from 6.3 months in February and 6.5 months in January. While both the sales-to-new listings ratio and months of inventory measures have tightened at the national level in the past few months, they remain firmly entrenched in balanced market territory. Moreover, both measures of housing market balance indicate that upward pressure on selling prices is subsiding in an increasing number of local markets.

The Aggregate Composite MLS® HPI rose by 4.95 per cent on a year-over-year basis in March. This marks the first year-over-year increase of less than 5% since last May and its smallest gain since January 2014 (Chart B).

Year-over-year price growth decelerated in March for apartment units, while accelerating slightly for other Aggregate Benchmark housing types tracked by the index.

Single family home sales continue to post the biggest year-over-year price gains (+5.83 per cent), led by two-storey single family homes (+6.66 per cent). By comparison, the rise in selling prices was more modest for townhouse/row units (+4.55 per cent), one-storey single family homes (+4.41 per cent) and apartment units (+2.36 per cent).

Price gains varied among housing markets tracked by the index. Greater Toronto (+7.85 per cent) and Greater Vancouver (+7.19 per cent) posted the biggest year-over-year increases. This was followed by Calgary at 4.13 per cent, which was a markedly smaller gain compared to those posted last year and the smallest since August 2012.

In other markets tracked by the index, prices were up compared to year-ago levels by between two-and-a-half and three per cent in Fraser Valley, Victoria, and Vancouver Island, while remaining little changed in Saskatoon, Ottawa, and Greater Moncton. Prices also ticked up by half of one per cent in Greater Montreal, while falling four per cent in Regina (Table 1).

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in March 2015 was $439,144, up 9.4 per cent on a year-over-year basis.

The national average home price is being increasingly skewed by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. Excluding these two markets from the calculation, the average price is a relatively more modest $332,711 and the year-over-year gain shrinks to just 2.4 per cent.

- 30 -

PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

For more information, please contact:

Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca

The Bank of Canada announced on March 4th, 2015 it was keeping its trend-setting overnight lending rate at 0.75 per cent. Six weeks earlier, the Bank surprised markets by cutting the rate by a quarter of a percentage point as insurance against economic damage from the drop in oil prices.

In its March announcement, the Bank was upbeat about recent and further expected strength from exports and investment. Only time will tell to what extent these factors offset economic fallout from lower oil prices, so speculation remains as to whether the Bank will cut interest rates again later this year.

As of March 4th, 2015, the advertised five-year lending rate stood at 4.74 per cent, down 0.05 percentage points from the previous Bank rate announcement on January 21st, and down 0.25 percentage points from one year ago.

The Bank’s next interest rate announcement is on April 15^th, when it also releases its updated economic forecast. At that time and barring some unforeseeable economic calamity, it will keep rates steady rather than cutting them further.

(CREA 03/04/2015)

Ottawa, ON, December 15, 2014 - According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity was unchanged on a month-over-month basis in November 2014.

Highlights:

• National home sales were unchanged from October to November.
• Actual (not seasonally adjusted) activity stood 2.7% above November 2013 levels.
• The number of newly listed homes edged down 0.4% from October to November.
• The Canadian housing market remains balanced.
• The MLS® Home Price Index (HPI) rose 5.2% year-over-year in November.
• The national average sale price rose 5.7% on a year-over-year basis in November.

The number of home sales processed through the MLS® Systems of Canadian real estate

Boards and Associations was unchanged in November 2014 compared to October. As a result, activity remains much improved compared to the quiet start to the year.

November sales strengthened in half of all local housing markets, with monthly increases in Montreal, Edmonton, Winnipeg, Hamilton-Burlington, Barrie, and Windsor-Essex tempered by a monthly decline in the Greater Toronto Area.

“The Canadian housing market remains a story about how sales and prices are still running strong in some areas while others are seeing subdued levels of activity with slower price gains or modest price declines,” said CREA President Beth Crosbie. “All real estate is local and your REALTOR® remains your best source for information about how the housing market is shaping up where you currently live or might like to in the future.”

“The effect of lower oil prices on Canada’s housing markets is something of a wildcard at the moment,” said Gregory Klump, CREA’s Chief Economist. “It’s not clear how far oil prices may drop or for how long they’ll stay down. How that plays out may affect the outlook for interest rates, job growth, consumer confidence, and sentiment about making major purchases.”

Actual (not seasonally adjusted) activity in November stood 2.7 per cent above levels reported in the same month last year. November sales were up from year-ago levels in about half all local markets, led by Greater Vancouver and the Fraser Valley, Calgary, and Greater Toronto.

Actual (not seasonally adjusted) sales activity for the year-to-date in November was five per cent above levels in the first 11 months of 2013. It was also slightly above (+2.4 per cent) the 10-year average for year-to-date sales.

The number of newly listed homes edged down 0.4 per cent in November compared to October. Led by Greater Toronto, new supply was down in just over half of all local markets.

The national sales-to-new listings ratio was 56 per cent in November. While this is marginally tighter compared to the previous three months in which it averaged 55.7 per cent, the broader trend for the ratio indicates that it has remained balanced and largely stable for the past four months.

A sales-to-new listings ratio between 40 and 60 per cent is usually consistent with a balanced housing market, with readings above and below this range indicating sellers’ and buyers’ markets respectively.

The ratio was within this range in almost 60 per cent of all local markets in November. About 60 per cent of the remaining markets posted ratios above this range, almost all of which are located in British Columbia, Alberta and Southern Ontario.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 5.8 months of inventory nationally at the end of November 2014. As with the sales-to-new listings ratio, the number of months of inventory has been stable for the past four months and remains well within balanced market territory.

The Aggregate Composite MLS® HPI rose by 5.19 per cent on a year-over-year basis in November. Price gains have held steady between five and five-and-a-half per cent since the beginning of the year.

Year-over-year price growth decelerated among all property types tracked by the index in November compared to October.

Two-storey single family homes continue to post the biggest year-over-year price gains (+6.79 per cent), followed closely by townhouse/row units (+5.63 per cent). Price growth was comparatively more modest for one-storey single family homes (+4.20 per cent) and apartment units (+3.18 per cent).

Price growth varied among housing markets tracked by the index. As in recent months,

Calgary (+8.53 per cent), Greater Toronto (+7.73 per cent), and Greater Vancouver

(+5.69 per cent) continue to post the biggest year-over-year increases. By contrast, prices in Regina declined by 3.36 per cent.

In other markets from West to East, prices were up between 1.6 and 2.8 per cent on a year-over-year basis in the Fraser Valley, Victoria, and Vancouver Island, by less than one per cent in Saskatoon and Ottawa, flat in Greater Montreal, and down by less than one per cent in Greater Moncton (Table 1).

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in November 2014 was $413,649, up 5.7 per cent from the same month last year.

The national average home price continues to be raised considerably by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. Excluding these two markets from the calculation, the average price is a relatively more modest $331,743 and the year-over-year increase shrinks to five per cent.

– 30 –

PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

Ottawa, ON, July 15, 2014-According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity edged up almost one per cent on a month-over-month basis in June 2014.

Highlights:

• National home sales rose 0.8% from May to June.
• Actual (not seasonally adjusted) activity stood 11.2% above June 2013 levels.
• The number of newly listed homes was little changed from May to June.
• The Canadian housing market remains in balanced territory.
• The national average sale price rose 6.9% on a year-over-year basis in June.
• The MLS® Home Price Index (HPI) rose 5.4% year-over-year in June.

The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations rose 0.8 per cent on a month-over-month basis in June 2014, marking the fifth consecutive monthly increase and the highest level for sales since March 2010.

Sales rose in about half of all local housing markets in June, led by gains in Greater Vancouver where activity hit its highest level in more than three years, and Montreal where activity is now 10 per cent above post-recession lows reached earlier this year.

“Sales have improved compared to their slower start earlier this year,” said CREA President Beth Crosbie. “That said, there are still important differences in how housing markets are faring depending on location, housing type and price point. Whether you’re looking to buy or sell, your local REALTOR® is your best source of information on all the factors driving the market where you currently live or might like to in the future.”

Actual (not seasonally adjusted) activity in June stood 11.2 per cent above levels reported in the same month last year. June sales were up from year-ago levels in three out of every four local markets, led by Greater Vancouver, Fraser Valley, Calgary, Greater Toronto and Hamilton-Burlington.

The number of newly listed homes was little changed in June, having eased by 0.1 per cent compared to May. In May, new listings reached their highest level since April 2010. On an actual (not seasonally adjusted) basis, new listings set a record for the month of June.

“At least some of the recent burst in new supply reflects the slow start to the year, when a harsh winter caused many sellers to delay listing their home in many parts of the country,” said Gregory Klump, CREA’s Chief Economist. “In markets with tight supply and strong demand, the strength of sales in recent months reflects how many properties were snapped up once they finally hit the market. Because the impact of deferred listings and sales has likely run its course, activity over the second half of the year may not be able to maintain the kind of pace we’ve seen over the past couple of months.”

The national sales-to-new listings ratio was 53.6 per cent in June, up slightly from 53.2 per cent in May but still well entrenched within the range between 40 and 60 per cent that marks balanced market territory. Just over half of all local markets posted a sales-to-new listings ratio in this range in June, with a fairly even split among the remainder between those in buyer’s market and seller’s market territory.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

The number of months of inventory has firmed since the beginning of 2014. There were 6.0 months of inventory nationally at the end of June 2014. This was unchanged from May but half a month below where it stood at the beginning of the year. As with the sales-to-new listings ratio, the number of months of inventory continues to suggest that housing markets remain generally well-balanced.

The Aggregate Composite MLS® HPI was up by 5.40 per cent year-over-year in June following slower price gains in April and May. Price growth picked up in all Benchmark categories tracked by the index. (Chart B)

Two-storey single family homes continued to post the biggest year-over-year price gains (+6.19 per cent), followed closely by one-storey single family homes (+5.35 per cent) and townhouse/row units (+5.07 per cent). Price growth for apartment units remained comparatively more modest (+3.85 per cent).

Year-over-year price growth varied among local housing markets tracked by the index, with the biggest gains having been posted by Calgary (+10.74 per cent), Greater Toronto (+7.77 per cent), and Greater Vancouver (+4.37 per cent). (Table 1)

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in June 2014 was $413,215, up 6.9 per cent from the same month last year.

The national average price continues to be skewed upward by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s largest and most expensive housing markets. Excluding these two markets from the calculation, the average price is a relatively more modest $336,164 while the year-over-year increase shrinks to 5.2 per cent.

- 30 -

PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 111,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

Ottawa, ON, March 17, 2014 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity was little changed in February 2014 on a month-over-month basis.

Highlights:

• National home sales edged up 0.3% from January to February.
• Actual (not seasonally adjusted) activity stood 1.9% above February 2013 levels.
• The number of newly listed homes edged up 0.6% from January to February.
• The national average sale price rose 10.1% on a year-over-year basis in February.
• The MLS® Home Price Index (HPI) rose 5.1% year-over-year in February.

The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations was little changed from January to February 2014, edging up just three tenths of one per cent. The February result follows five straight monthly declines and leaves activity 9.3 per cent below the peak reached in August 2013.

The number of local housing markets where February sales were up ran roughly even with the number of markets where sales declined, with little change in activity among most of Canada’s large urban markets.

“Sales in February rebounded in some of the smaller local markets where activity was impacted by harsh winter weather in January,” said CREA President Laura Leyser. “The strength of sales activity during the crucial spring market period will be influenced by the availability of listings, which varies considerably from market to market. To best understand how the balance between available listings and demand is shaping up this spring where you live or might like to, your best bet is to talk to your local REALTOR®.”

Actual (not seasonally adjusted) activity stood 1.9 per cent above levels posted in February 2013. Most of the year-over-year gain reflects increased sales activity in British Columbia’s Lower Mainland and to a lesser extent in Calgary.

“Sales activity this spring will be supported by the recent decline in the benchmark five-year conventional mortgage rate,” said Gregory Klump, CREA’s Chief Economist. “That’s because buyers needing mortgage default insurance who opt for a term of less than five years must qualify for mortgage financing based on that rate, and not a discounted rate that their lender may be offering. The support will be of particular importance in some of Canada’s larger urban markets where home prices are higher than those in smaller markets.”

The number of newly listed homes was also little changed in February, having edged up 0.6 per cent on a month-over-month basis. As with sales activity, there was a roughly even split between the number of local markets where new listings were up from the previous month and those where they were down. The number of new listings nationally would have declined had it not been for a 7.8 per cent increase in Greater Toronto, where new listings in January had dropped to the lowest level in more than three years. The rise in new listings in Greater Toronto was offset by monthly declines in new listings in Greater Vancouver and Edmonton.

With sales and new listings having both edged slightly higher in February, the national sales-to-new listings ratio was 52.1 per cent – virtually unchanged from 52.3 per cent in January. Since early 2010, the ratio has remained firmly entrenched within the range from 40 to 60 per cent that marks balanced territory. Just under two-thirds of all local markets posted a sales-to-new listings ratio in this range in February.

The number of months of inventory is another important measure of balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 6.4 months of inventory at the national level at the end of February 2014, down slightly from 6.5 months at the end of January. As with the sales-to-new listings ratio, the months of inventory measure continues to point to a well-balanced housing market at the national level.

The actual (not seasonally adjusted) national average price for homes sold in February 2014 was $406,372, an increase of 10.1 per cent from the same month last year.

The size of year-over-year average price gains continues to reflect the decline in sales activity in February of last year among some of Canada’s most active and expensive markets, which dropped the national average at that time.

This phenomenon was particularly clear this month, with Greater Vancouver having posted the biggest year-over-year increase in activity by a large margin.

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends because it is not affected by changes in the mix of sales activity the way that average price is.

The Aggregate Composite MLS® HPI rose 5.05 per cent on a year-over-year basis in February 2014, up from a 4.83 per cent gain in January. Year-over-year price growth picked up among all property types tracked by the index.

Year-over-year price gains were led by two-storey single family homes (+5.84 per cent) and one-storey single family homes (+5.40 per cent). This was closely followed by price increases for townhouse/row units (+4.05 per cent) and apartment units (+3.74 per cent).

Year-over-year price growth in the MLS® HPI varied among housing markets tracked by the index, with the biggest gains again having been posted by Calgary (+9.10 per cent) and Greater Toronto (+7.28 per cent).

Greater Vancouver’s MLS® HPI recorded a fourth consecutive year-over-year increase (+3.17 per cent). While prices in Victoria remained lower than year-ago levels, February’s decline (-1.01 per cent) was the smallest in more than three years.

- 30 -

PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 95 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

Ottawa, ON, January 15, 2014 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity posted its third consecutive month-over-month decline in December 2013.

Highlights:

• National home sales fell 1.8% from November to December.
• Actual (not seasonally adjusted) activity stood 12.9% above weak December 2012 levels.
• The number of newly listed homes dropped 4.3% from November to December.
• The Canadian housing market remains in balanced territory.
• The national average sale price rose 10.4% on a year-over-year basis in December.
• The MLS® Home Price Index (HPI) rose 4.3% year-over-year in December.

The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations and other co-operative listing systems was down 1.8 per cent on a month-over-month basis in December 2013, marking the third straight monthly decline. Activity now stands 5.2 per cent below the peak reached in September 2013 (Chart A).

Sales were down on a month-over-month basis in about 60 per cent of all local markets in December, with declines in Calgary, Edmonton, and Greater Toronto more than offsetting gains in Greater Vancouver and the Fraser Valley, as well as a sizeable rebound from a quiet November in St. Catherines.

“Activity has gradually eased back from stronger than expected levels last summer and is now roughly in line with the ten year monthly average,” said CREA President Laura Leyser. “We’ll likely continue getting mixed signals in the months ahead, with positive year-over-year comparisons for sales masking the recent moderation in the monthly sales trend. As always, local housing market trends can be very different than national ones, so your REALTOR® remains your best bet for understanding how the market is shaping up where you live or might like to.”

Actual (not seasonally adjusted) activity was up 12.9 per cent from December 2012. Yearover-year increases were posted in about 70 per cent of all local markets, led by gains in Greater Vancouver, the Fraser Valley, Calgary, Edmonton, Greater Toronto, and Hamilton-Burlington. A total of 457,893 homes traded hands via MLS® Systems of Canadian real estate Boards and Associations and other cooperative listing systems across the country in 2013. This represents an increase of 0.8 per cent compared to 2012 (Chart B).

“National sales activity has softened in recent months and is expected in 2014 to remain down from levels reached last September,” said CREA Chief Economist Gregory Klump. “That said, absent further mortgage rule changes, sales in 2014 may surpass the annual total for 2013 if demand holds steady near current levels as strengthening economic and better job growth offset the impact of further expected marginal mortgage interest rate increases.”

The number of newly listed homes fell 4.3 per cent on a month-over-month basis in December. New supply was down in two-thirds of all local markets, led by declines in Calgary, Greater Toronto, and Hamilton-Burlington.

With new listings having eased by more than sales, the national sales-to-new listings ratio climbed to 55 per cent in December compared to 53.6 per cent in November. This indicates a slightly firmer housing market but remains well within balanced territory marked by the range from 40 to 60 per cent, as has been the case since early 2010. Slightly more than half of all local markets posted a sales-to-new listings ratio in this range.

The number of months of inventory is another important measure of balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 6.2 months of inventory at the national level at the end of December, up from 6.1 months at the end of November. As with the sales-to-new listings ratio, the current level of the months of inventory measure indicates that the Canadian housing market remains well balanced.

The actual (not seasonally adjusted) national average price for homes sold in December 2013 was $389,119, an increase of 10.4 per cent from the same month last year. The size of year-over-year average price gains continues to reflect the decline in sales activity last year among some of Canada’s most active and expensive markets, which dropped the national average at that time. Removing Greater Vancouver and Greater Toronto from national average price calculations cuts the year-over-year increase to 4.6 per cent.

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends because it is not affected by changes in the mix of sales activity the way that average price is.

The Aggregate Composite MLS® HPI rose 4.31 per cent on a year-over-year basis in December 2013, up from a 4.11 per cent gain in November. Year-over-year price growth picked up among all property types tracked by the index with the exception of townhouse/row units where price growth was unchanged from November.

Year-over-year price gains were led by one-storey single family homes (+5.07 per cent). This was closely followed by two-storey single family homes (+4.93 per cent), townhouse/row units (+3.13 per cent) and apartment units (+2.87 per cent).

Year-over-year price growth in the MLS® HPI was mixed across housing markets tracked by the index, led by Calgary (+8.74 per cent) and Greater Toronto (+6.31 per cent). Greater Vancouver recorded a second consecutive year-over-year increase (+2.13 per cent) following more than a year of declines between late 2012 and late 2013.

- 30 -

PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 96,000 REALTORS® working through more than 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.