New Housing Data Shows Strengthening Sales, Rising Prices
New housing data released in two separate reports this week paints a picture of strengthening sales activity across the country, along with moderate price gains in most markets.
The MLS Home Price Index released by the Canadian Real Estate Association was up 2.1% to $634,300 this July from July 2017. This index is a more accurate way than averages to measure price progression among the 15 cities it covers.
July is the first month since April 2017 that these benchmark prices have grown year-over-year. The gains are likely due to the Greater Toronto Area rebounding from the psychological effect of the Ontario Fair Housing Plan announced in April 2017, which included 16 measures designed to cool the market.
