The supply of homes for sale is not meeting the demand we're seeing from homebuyers in many areas. This is putting upward pressure on prices, particularly in the detached home market. This situation is not expected to change markedly as we move through the remainder of 2015 until we experience a sustained period in which listings grow at a faster pace than sales.

Ontario -  Record sales in April

Toronto, May 5, 2015 -- Toronto Real Estate Board President (TREB) Paul Etherington announced that Greater Toronto Area REALTORS® reported 11,303 sales in April 2015. This was the highest sales result on record for the month of April and represented a 17% increase in comparison to April 2014. While sales increased strongly on a year-over-year basis, new listings were up over the same period by a more moderate 5.0%.

"The record April result clearly points to the fact that a growing number of GTA households view ownership housing as a high quality, long-term investment. This is evidenced by the strong sales growth we have experienced in Toronto and surrounding regions for all major home types. First time buyers and existing homeowners remain very active in today’s market,” said Mr.Etherington.

The overall average selling price, which accounts for all homes reported sold by GTA REALTORS® in April 2015, was up by 10% year-over-year to $635,932. The Multiple Listing Service® (MLS® Home Price Index (HPI) Composite Benchmark, which estimates the price of a benchmark home with the same attributes from one period to the next, was up by 8.4% over the same period. The fact that average price growth outpaced growth for the MLS® HPI Composite Benchmark, suggests that a greater share of higher-end homes changed hands this year compared to last.

Irrespective of the indicator used, price growth in the GTA was strongest for low-rise home types. However, the better supplied condominium apartment segment also remained healthy with price growth above the rate of inflation.

“Demand for ownership housing was very high relative to the number of homes available for sale in April. This situation is not expected to change markedly as we move through the remainder of 2015. Until we experience a sustained period in which listings grow at a faster pace than sales, annual rates of home price growth will remain strong,” said Jason Mercer, TREB’s Director of Market Analysis.

Ottawa, May 5, 2015 - Members of the Ottawa Real Estate Board (OREB) sold 1,570 residential properties in April through the Board’s MLS® system, compared with 1,419 in April 2014, an increase of 10.6%. The five-year average for April sales is 1,531.

“Despite the late departure of the cold weather this April, buyers were out in full swing, propelling the Ottawa resale market into a busy spring selling season,” says David Oikle, OREB President. “Sales continued their steady pace upwards since the beginning of the year, with 362 more properties sold this April over March.”

April’s sales included 258 in the condominium property class, and 1,312 in the residential property class. The condominium property class includes any property, regardless of style (i.e., detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

“The average cumulative days on market has improved even more in April, coming in at 74 days, compared to 83 in March,” says Oikle. “Properties are moving faster and inventory is plentiful, with just under 9,000 residential properties, including condos, available for sale going into May.”

The average sale price of a residential-class property sold in April in the Ottawa area was $403,239, an increase of 0.9% over April 2014. The average sale price for a condominium-class property was $265,371, an increase of 2.7% over April 2014. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

“Several price ranges this month saw significant increases in units sold; a possible explanation for the residential average sale price entering the $400,000 range,” explains Oikle. “The $400,000 to $450,000 range saw an increase of 37.3%; while the $500,000 to $750,000 range saw a 25.4% increase. Two-storey and bungalow residential properties remain as the top selling property-types in Ottawa. In addition to residential and condominium sales, OREB members assisted clients with renting 283 properties in April, and 876 since the beginning of the year.”

British Columbia - Homebuyer demand outpacing supply across the Metro Vancouver housing market

Vancouver, Monday, May 4, 2015 - Strong homebuyer demand coupled with below average home listing activity has created a seller's market conditions within the Metro Vancouver housing market.

 The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 4,179 on the MLS® in April 2015. This represents a 37% increase compared to the 3,050 sales recorded in April 2014, and a 2.9% increase compared to the 4,060 sales in March 2015.

Last month’s sales were 29.3% above the 10-year sales average for the month.
“The supply of homes for sale today in the region is not meeting the demand we're seeing from homebuyers. This is putting upward pressure on prices, particularly in the detached home market," Darcy McLeod, REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,897 in April. This represents a 0.9% decrease compared to the 5,950 new listings reported in April 2014.

The total number of properties currently listed for sale on the region’s MLS® is 12,436, a 19.8% decline compared to April 2014 and an increase of 0.5 per cent compared to March 2015.

“It’s a competitive and fast-moving market today that is tilted in favour of home sellers. To be competitive, it’s important to connect with a local REALTOR® who can help you develop a strategy to meet your home buying or selling needs,” McLeod said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $673,000. This represents an 8.5% increase compared to April 2014.

The sales-to-active-listings ratio in April was 33.6%. This is the highest that this ratio has been in Metro Vancouver since June 2007.

Sales of detached properties in April 2015 reached 1,815, an increase of 35.9% from the 1,336 detached sales recorded in April 2014, and a 70.6% increase from the 1,064 units sold in April 2013. The benchmark price for a detached property in Metro Vancouver increased 12.5% from April 2014 to $1,078,900.

Sales of apartment properties reached 1,579 in April 2015, an increase of 34.7% compared to the 1,172 sales in April 2014, and an increase of 50.1% compared to the 1,052 sales in April 2013. The benchmark price of an apartment property increased 4.4% from April 2014 to $394,200.

Attached property sales in April 2015 totalled 785, an increase of 44.8% compared to the 542 sales in April 2014, and a 53.6% increase from the 511 attached properties sold in April 2013. The benchmark price of an attached unit increased 5.7% between April 2014 and 2015 to $493,300.

Quebec – Montréal area residential real estate market: largest increase in sales in almost three years

Île-des-Sœurs, May 6, 2015 - The Greater Montréal Real Estate Board (GMREB) has just released its most recent residential real estate market statistics for the Montréal Census Metropolitan Area (CMA), based on the real estate brokers’ Centris® provincial database. In total, 4,680 residential sales were concluded in April 2015, a 12% increase compared to April 2014. This was the most active month of April since 2012 and the largest increase in sales in 35 months.

“The real estate market is currently benefiting from historically low financing rates as well as a boost in employment in the Montréal Metropolitan Area,” said François Bissonnette, President of the GMREB Board of Directors.

All of the CMA’s main areas registered an increase in sales in April 2015 compared to April 2014. The Island of Montréal posted a 19% increase in sales; while The North Shore, the South Shore, Laval and Vaudreuil-Soulanges registered respective increases of 10, 9, 8 and 2.0%.

Plexes with 2 to 5 dwellings registered the largest increase in sales (+15%) and single-family home sales jumped by 14% while condominium sales rose by 9%.

The median price of single-family homes grew by 2.0% compared to April of last year to reach $289,000. And the median price of condominiums and plexes both increased by 3.0% to reach $231,950 and $441,750, respectively.