Average house price in Canada April 2017
The average house price in Canada for April 2017 is $597,496
There were 21,630 new listings in April in the Greater Toronto Area on a non-seasonally adjusted basis, which was up 33 per cent compared with April last year, and represented an all-time record number of listings for any month since CREA began recording data, the association said.
Within the GTA, listings climbed 42 per cent in Durham region east of Toronto – which includes cities such as Oshawa and Pickering – in April compared with March. Listings were up 36 per cent in Mississauga to the west of Toronto, and a whopping 45 per cent in the town of Orangeville, which is northwest of Toronto.
CREA said the Oakville-Milton area also set an all-time record for new listings, climbing 22 per cent in April compared with a year earlier, while listings climbed 23 per cent in Barrie, which was a monthly record on a non-seasonally adjusted basis.
Toronto-Dominion Bank economist Diana Petramala said April sales figures were also affected by the federal government’s reforms to mortgage rules announced last October, which included tougher criteria to qualify for mortgages. Because of lags in implementing the rules and in the preapproval process for getting a new mortgage, however, she said April was the month when the full impact of the rules really took effect.
Ms. Petramala said the results of all the federal and provincial rule changes will likely be temporary as markets eventually adjust, but TD is forecasting higher interest rates by the end of 2018, with most of it passed along in the form of higher mortgage rates. That should help ensure a more balanced pace of growth in house prices.
“Over all, we expect that housing policy changes have kick-started a soft landing, while higher mortgage rates should help solidify it,” she said in a statement.