Canadian house prices as of April 2007 are increasing in all but one of Canada’s main cities.  While Calgary’s prices have stalled, Vancouver’s and Edmonton’s in the west have reached new highs.  In the east, Toronto, Ottowa and Montreal house prices are also increasing.  

Vancouver
The average price for a detached house in Greater Vancouver was $695,000, an increase of 11.9% from last year. “We’re still in one of the best markets real estate has ever had in Greater Vancouver. Sales are higher than historical norms and homes are selling very quickly, usually with multiple-offers,” says REBGV president Brian Naphtali. 

Calgary
The average sale price for a family home has declined moderately from March, from $462,000 to $458,000. “This is a stabilising month with sales and listings down moderately from March. However new listings in April are approximately 1,550 ahead of April 2006,” remarked CREB President, Ron Stanners.

Edmonton
The average family house price has risen to $413,000. “The Edmonton market is just catching up to market increases that appeared in other major markets one or two years ago,” said Carolyn Pratt, president of the EREB. She noted that there are more homes being listed than last year at this time and inventory is growing slowly. “Price increases may moderate slightly as the market returns to pre-boom levels but I do not anticipate that actual prices will decrease.”

Toronto
Average prices climbed three percent to $379,000 compared with last April’s $367,000. Property transactions reached 9,452, the best single-month total ever recorded. An average detached home in Toronto now costs $390,000.

Ottowa
The average price of the homes sold in April was $276,440, an increase of 5.9 per cent over April 2006.

Montreal
The average price of a family home rose to $335,000 an increase of 4% over the year. “The volume of transactions since the beginning of the year is exceptional,” says Michel Beauséjour, Chief Executive Officer at the Greater Montréal Real Estate Board. “Economic indicators continue to point in the right direction. Among others, sustained job growth during the first quarter bodes well for the resale market during upcoming months.” he said.

9 May 2007