Industry News

Real estate sales surge in Canada

Average major-market home price hits new high

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Canada's major-market home sales in March via the Multiple Listing Service totaled 28,129 units on a seasonally adjusted basis, up 13.5 percent from February, according to The Canadian Real Estate Association.   Monthly sales reached their highest level on record in a number of markets, including Vancouver, Calgary and Toronto.   New listings climbed by 4.4 percent to 40,827 units on a seasonally adjusted basis and stood at their highest level since June 1993. Nonetheless, a bigger monthly increase in sales caused the housing market to tighten.   Tight market conditions and continuing demand for higher priced homes pushed the major-market MLS residential average price up 11.2 percent year-over-year to $239,042, its highest level ever. The year-over-year rise in MLS residential average price for March was its eighth double-digit increase in the past nine months and its largest this year. The MLS average price also topped all previous monthly records in a number of major m...