Canadian real estate rebounds stronger than expected in April
Calgary real estate recovering ?
The Canadian Real Estate Association said this week that the rebound in home sales and prices for April was stronger than expected.
Seasonally adjusted national sales climbed 11.2% from March, the largest month-over-month gain in more than five years. The number of homes that changed hands (34,838), was higher than in any of the prior seven months.
Calgary led the rebound, with a 31% gain in sales over March, followed by Vancouver (30%), Montreal (15%) and Toronto (10%). Sales were up from March levels in 70% of markets across the country. Actual sales of 43,473 in April was down 11.8% from the same month a year ago.
The average sale price of $306,366 is 3.2% below April, 2008’s, average. Inventory numbers were down 1.8%, to their lowest level since June, 2006, and 16.4% below the peak in May, 2008. The supply-versus-demand ratio is more balanced now in British Columbia, Alberta, Ontario and Quebec.
