Despite the stress test, Canadian home sales are returning to healthy levels, according to the monthly report from the Canadian Real Estate Association. In July 2019, national home sales increased for the fifth consecutive month.
In Ontario, recreational property prices increased 8% year-over-year. Properties with water access in places like Collingwood and Blue Mountain saw median prices going up as much as 36%. The Haliburton waterfront area saw prices increasing nearly 30%.
What are home buying conditions currently like across Canada? The latest data out from the Canadian Real Estate Association paints a picture of stability, as sales and prices remain relatively unchanged from last year.
If you were waiting for home prices to drop before buying, you may have missed your chance. There was a slight cooling period through 2018 and even earlier this year, but according to a new study, prices are on the rise.
TREB released its monthly resale housing market figures, announcing that 8,860 sales were reported through the MLS system. When looking at the first half of the year, home sales are up 8.5% and new listings increased by less than 1%.