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Take a look through all of our Office Listings

Active

3886 MULLER AVENUE

$699,000

2 Br | 2 Ba

Single Family

* PREC - Personal Real Estate Corporation. Here is your chance to own over l acre with excellent income and a 2012 16x72 modular home that includes a 600 SF shop with heated floor. The home offers concrete block foundation and 2" spray foam insulation as well as a 14x58 deck and private yard. With rental pad income from 9…
Brokerage: RE/MAX Coast Mountains-Terrace
Realtor: Dave Materi
MLS® #: R2242249
Active

119 SENDERO CRES

$585,000

4 Br | 3 Ba

Single Family

Our Vida homes are not to be missed, and are a tremendous value for a brand new home. These are ready for whatever path your life might take: a growing family, easing into retirement, or seeking the joy of a simplified day-to-day. As open-concept two-level ranchers (Master on main), they offer the possibility of single-floor living, but with the added…
Brokerage: RE/MAX PENTICTON REALTY
Realtor: JOHN GREEN
MLS® #: 170865
Active

1716 Kloppenburg Road

$395,000

3 Br | 2 Ba

Single Family

Black Mountain Half duplex with a mortgage helper. 3 beds and 2 full bathrooms. 2 beds and a bathroom up and a 1 bed, 1 bath plus den in the lower area. Lower area is an unauthorized suite that has all the hook ups for a potential mortgage helper. Large fully fenced back yard for kids or pets. This home…
Brokerage: Royal LePage Kelowna
Realtor: Andy Spinks
MLS® #: 10150686
Active

10405 99 Avenue

$122,000

2 Br | 2 Ba

Single Family

Very attractive condo for sale. Well kept unit. Features ensuite and walk-in closet in master bedroom. 2 Bedrooms and 2 bathrooms. Spacious living room with patio windows to access deck. Nice flooring. Washer and dryer in unit. Close to the college and creek bank walking trails. Great location! Condo fee is $417.32 per month and special levy fee is $207.53…
Brokerage: RE/MAX GRANDE PRAIRIE
Realtor: Greg Dobko
MLS® #: L122846
Active

721022 RR 54

$119,900

0 Br | 0 Ba

Vacant Land

2.58 acres in Goldenrod Estates, located just minutes east of Grande Prairie. Lots of space allowing for unique home designs, RV's, boats and building larger out buildings. Wells drilled in the development have all averaged around 280 ft and 6 to 20 gallons per minute, providing ample potable water. Being in the county gives the advantage of lower taxes and…
Brokerage: RE/MAX GRANDE PRAIRIE
Realtor: Trenton Zeyha
MLS® #: L122841
Active

4770 Lower Wynndel Road

$555,000

4 Br | 3 Ba

Single Family

Own a piece of Creston's History... This lovely heritage home from the early 1900's has been beautifully restored yet much of the original character remains. Built by one of Wynndel's most well known residents at the time, you will love the spacious layout - from the large country kitchen to the living room with huge windows to capture the panoramic…
Brokerage: CENTURY 21 Veitch Realty
Realtor: Shannon Veitch
MLS® #: 2427705
Active

11739 Greystokes Road

$772,000

3 Br | 2 Ba

Single Family

Great log home with Heat pump for heating and cooling, built in vacuum, new windows, hardwood floors, Large master with balcony in the loft, on main floor there is a bedroom, kitchen, full bath, dining and living, Walk out basement can be suited, framed in for a bathroom. Outdoor Gazebo was built in 2016, great spot for entertaining, garden shed.…
Brokerage: Century 21 Assurance Realty Ltd.
Realtor: Monique Kaetler
MLS® #: 10150703
Active

1870 Okanagan Avenue Southeast

$384,900

4 Br | 3 Ba

Single Family

Nice updated 4 bedroom 3 bathroom family home in central location, close to town, schools and amenities. Features include: open concept living, kitchen and dinning, huge kitchen with loads of cupboard space with large island, 2 large bedrooms up and two large bedrooms down, large master bedroom with ensuite, spacious foyer, large bright rec-room with cozy gas fireplace, oversized storage…
Brokerage: Homelife Salmon Arm Realty.Com
Realtor: Colin Blair
MLS® #: 10150744
Active

3854 Gordon Drive

$319,000

2 Br | 2 Ba

Single Family

Investors alert or first time home owners....this is the one. 2 bed, 2 bath unit in awesome condition with 2 parking stalls including your own Single Garage! Very few units offer this luxury. Complex allows for a pet (No Size restriction!) and is walking distance to the lake, Mission Greenway, and H2O center. Transit and shops are out your door.…
Brokerage: RE/MAX Kelowna
Realtor: Mark Chomyshen
MLS® #: 10150759
Active

2100 Boucherie Road

$428,900

2 Br | 2 Ba

Single Family

The best of the Okanagan is yours in this bright, spacious 2 bed/ 2 bath corner suite. Many updates with a generous kitchen and stainless appliances. Roomy master bedroom with lots of closet space and lovely ensuite with oversized shower. The guest room has office nook in the closet, which can be easily removed. There is large sundeck with gas…
Brokerage: RE/MAX Kelowna
Realtor: Brenda Reinelt
MLS® #: 10150764
Active

406 - 246 HASTINGS AVE

$190,000

1 Br | 1 Ba

Single Family

This Top floor north facing 1 bedroom unit with a city view has vaulted ceilings for an open concept. The open kitchen makes it easy to entertain your guest. The owner has added some personal touches to the bathroom to make it unique and updated (id:6769)
Brokerage: FRONT STREET REALTY
Realtor: DEBBIE DESGAGNE
MLS® #: 170859
Active

10 Acres Kamsack

$239,000

3 Br | 2 Ba

Single Family

HAVE YOU BEEN LOOKING FOR AN AFFORDABLE ACREAGE? It's all right here for you, ""the total package"" located within the RM of Sliding hills just 4 miles West from Kamsack. You will be amazed by this charming hobby farm with 10 acres that includes a barn and outbuildings. This place has been well maintained, is move in ready, and completely…
Brokerage: RE/MAX Blue Chip Realty
Realtor: Gladys Joanne Secondiak
MLS® #: SK719588
Active

107 SENDERO CRES

$585,000

4 Br | 3 Ba

Single Family

Our Vida homes are not to be missed, and are a tremendous value for a brand new home. These are ready for whatever path your life might take: a growing family, easing into retirement, or seeking the joy of a simplified day-to-day. As open-concept two-level ranchers (Master on main), they offer the possibility of single-floor living, but with the added…
Brokerage: RE/MAX PENTICTON REALTY
Realtor: JOHN GREEN
MLS® #: 170866
Active

382 BARBER Drive

$899,900

4 Br | 5 Ba

Single Family

You Got The Family-We Got The House! This Spac 4 Bdrm, 5 Bthrm Home Has All The Rm You Could Ever Need! A Comb Liv/Din Rm W/Hrdwd Is Great For Entertaining While The Sun-Filled Fam Rm W/Gas F/P Open To The Kit Is Perfect For Family Time. Cook Your Dinner In The U/D Kit Featuring Corian, Brkfst Bar, S/S Appl's…
Brokerage: YOUR HOME TODAY REALTY INC.
Realtor: RAYMOND PATRICK CHESHER
MLS® #: W4048156
Active

1350 Ridgeway Drive

$349,900

2 Br | 2 Ba

Single Family

Top Floor with soaring living room ceilings, Granite counters, stainless appliances, Rentable, pets allowed, minutes to everything, downtown, beaches, entertainment, schools, transit, and shopping. Open floor plan with a split bedroom plan. No age restriction. Peaceful mountain views too! (id:6769)
Brokerage: RE/MAX Kelowna
Realtor: Linda Derfel
MLS® #: 10150753
7099 others, view more

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Canadian home sales drop in January

Canadian home sales drop in January

Ottawa, ON, February 15, 2018 – Statistics released today by The Canadian Real Estate Association (CREA) show national home sales fell sharply in January 2018.

Highlights:

  • National home sales declined by 14.5% from December 2017 to January 2018.
  • Actual (not seasonally adjusted) activity was down 2.4% year-over-year (y-o-y) in January.
  • The number of newly listed homes plunged 21.6% from December 2017 to January 2018.
  • The MLS® Home Price Index (HPI) in January was up 7.7% y-o-y.
  • The national average sale price advanced by 2.3% y-o-y.

Home sales via Canadian MLS® Systems dropped sharply in January after having climbed to the highest monthly level on record in December. Although activity retreated to the lowest monthly level in three years, January sales were on par with the 10-year monthly average.

Activity in January was down in three-quarters of all local markets in Canada, including virtually all major urban centres. Many of the larger declines in percentage terms were posted in Greater Golden Horseshoe (GGH) markets, where sales had picked up late last year following the announcement of tighter mortgage rules coming into effect in January.

Actual (not seasonally adjusted) activity was down 2.4% from January 2017 and stood close the 10-year average for the month of January. Sales came in below year-ago levels in about half of all local markets, led by those in the GGH region. By contrast, sales were up on a y-o-y basis in the Lower Mainland of British Columbia and Vancouver Island, the Okanagan Region, Edmonton, Montreal, Greater Moncton and Halifax-Dartmouth.

“The piling on of yet more mortgage rule changes that took effect starting New Year’s Day has created homebuyer uncertainty and confusion,” said CREA President Andrew Peck. “At the same time, the changes do nothing to address government concerns about home prices that stem from an ongoing supply shortage in major markets like Vancouver and Toronto. Unless these supply shortages are addressed, concerns will persist,” he added. “A professional REALTOR® is your best source for information and guidance in negotiations to purchase or sell a home during these changing times,” said Peck.

“The decline in January sales provides clear evidence that the strength in activity late last year reflected a pull-forward of transactions, as rational homebuyers hurried to purchase before mortgage rules changed in 2018,” said Gregory Klump, CREA’s Chief Economist. “At the same time, a large decline in new listings prevented market balance from shifting in favour of homebuyers.”

The number of newly listed homes plunged 21.6% in January to reach the lowest level since the spring of 2009. New supply was down in about 85% of all local markets, led by a sizeable decline in the GTA. Large percentage declines were also recorded in the Lower Mainland of British Columbia and Vancouver Island, the Okanagan Region, Hamilton-Burlington, Oakville-Milton, Kitchener-Waterloo, London and St. Thomas, Kingston and Ottawa, closely mirroring the list of markets that saw the largest sales declines in January.

With new listings having fallen by more than sales, the national sales-to-new listings ratio tightened to 63.6% in January compared to the mid-to-high 50% range to which it held since last May.

A national sales-to-new listings ratio of between 40% and 60% is generally consistent with a balanced national housing market, with readings below and above this range indicating buyers’ and sellers’ markets respectively. That said, the balanced range can vary among local markets.

For that reason, considering the degree and duration that market balance is above or below its long-term average is a better way of gauging whether local housing market conditions favour buyers or sellers. Market balance measures that are within one standard deviation of the long-term average are generally consistent with balanced market conditions.

Based on a comparison of the sales-to-new listings ratio with its long-term average, a little over half of all local markets were in balanced market territory in January 2018. The ratio in many markets moved one standard deviation or more above its long-term average in January due to large declines in new supply.

The number of months of inventory is another important measure for the balance between housing supply and demand. It represents how long it would take to liquidate current inventories at the current rate of sales activity.

There were 5 months of inventory on a national basis at the end of January 2018, which is close to the long-term average of 5.2 months.

The Aggregate Composite MLS® HPI rose by 7.7% y-o-y in January 2018. This was the 9th consecutive deceleration in y-o-y gains, continuing a trend that began last spring. It was also the smallest y-o-y increase since December 2015.

The deceleration in y-o-y price gains largely reflects trends among GGH housing markets tracked by the index. While prices in the region have largely stabilized in recent months, ongoing deceleration in y-o-y comparisons reflects the rapid rise in prices one year ago.

Apartment units again posted the largest y-o-y price gains in January (+20.1%), followed by townhouse/row units (+12.3%), one-storey single family homes (+4.3%), and two-storey single family homes (+2.3%).

As was the case in December, Benchmark home prices in January were up from year-ago levels in 9 of the 13 markets tracked by the MLS® HPI.

Composite benchmark home prices in the Lower Mainland of British Columbia continue to trend higher after having dipped briefly during the second half of 2016 (Greater Vancouver: +16.6% y-o-y; Fraser Valley: +22.4% y-o-y). Apartment units have been driving this regional trend in recent months, with single family home prices having stabilized.

Benchmark home prices rose by about 14% on a y-o-y basis in Victoria and by about 20% elsewhere on Vancouver Island. These gains are similar to those recorded during the fourth quarter of last year.

Price gains have slowed considerably on a y-o-y basis in the GTA, Guelph and Oakville-Milton; however, home prices in the former two markets remain above year-ago levels (GTA: +5.2% y o-y; Guelph: +10.9% y-o-y; Oakville-Milton: -1.2% y-o-y). Monthly prices in these markets have shown signs of stabilizing in recent months after having climbed rapidly in early 2017 and subsequently retreated.

Calgary benchmark home prices were down slightly (-0.5% y-o-y), as were home prices in Regina and Saskatoon (-4.9% y-o-y and -4.1% y-o-y, respectively).

Benchmark home prices rose by 7.2% y-o-y in Ottawa (led by an 8.1% increase in two-storey single family home prices), by 5.2% in Greater Montreal (led by a 6.2% increase in in two-storey single family home prices) and by 7.5% in Greater Moncton (led by an 11% increase in one-storey single family home prices).

The MLS® Home Price Index (MLS® HPI) provides the best way of gauging price trends because average price trends are prone to being strongly distorted by changes in the mix of sales activity from one month to the next.

The actual (not seasonally adjusted) national average price for homes sold in January 2018 was just over $481,500, up 2.3% from one year earlier. The national average price is heavily skewed by sales in Greater Vancouver and Greater Toronto, two of Canada’s most active and expensive markets. Excluding these two markets from calculations trims $107,500 from the national average price, reducing it to $374,000.

– 30 –

PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month. 

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types. 

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale. 

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 120,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

For more information, please contact:

Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: [email protected]




Canadian home sales surge in December

Canadian home sales surge in December

Ottawa, ON, January 15, 2018 – Statistics released today by The Canadian Real Estate Association (CREA), show national home sales continued to climb in December 2017.

Highlights:

  • National home sales rose 4.5% from November to December.
  • Actual (not seasonally adjusted) activity was up 4.1% year-over-year (y-o-y).
  • The number of newly listed homes climbed 3.3% from November to December.
  • The MLS® Home Price Index (HPI) in December was up 9.1% y-o-y.
  • The national average sale price advanced by 5.7% y-o-y.

Home sales via Canadian MLS® Systems posted their fifth consecutive monthly increase in December 2017, fully recovering from the slump last summer.

Activity in December was up in close to 60% of all local markets, led by the Greater Toronto Area (GTA), Edmonton, Calgary, the Fraser Valley, Vancouver Island, Hamilton-Burlington and Winnipeg.

Actual (not seasonally adjusted) activity was up 4.1% from December 2016. While activity remained below year-ago levels in the GTA, the decline there was more than offset by some sizeable y-o-y gains in the Lower Mainland of British Columbia, Vancouver Island, Calgary, Edmonton, Ottawa and Montreal.

“Monthly momentum for national home sales activity gained strength late last year and further expected economic and job growth will buoy sales activity this year despite slightly higher expected interest rates,” said CREA President Andrew Peck. “Even so, momentum for home sales differs depending on location and type,” he added. “A professional REALTOR® is your best source for information and guidance in negotiations to purchase or sell a home during these changing times,” said Peck.

“National home sales in December were likely boosted by seasonal adjustment factors and a potential pull-forward of demand before new mortgage regulations came into effect this year,” said Gregory Klump, CREA’s Chief Economist. “It will be interesting to see if monthly sales activity continues to rise despite tighter mortgage regulations that took effect on January 1st.”

The number of newly listed homes rose 3.3% in December. As in November, the national increase was overwhelmingly due to rising new supply in the GTA.

New listings and sales have both trended higher since August. As a result, the sales-to-new listings ratio has remained in the mid-to-high 50% range since then.

A national sales-to-new listings ratio of between 40% and 60% is generally consistent with a balanced national housing market, with readings below and above this range indicating buyers’ and sellers’ markets respectively. That said, the balanced range can vary among local markets.

Considering the degree and duration that the current market balance is above or below its long-term average is a more sophisticated way of gauging whether local housing market conditions favour buyers or sellers.

Market balance measures that are within one standard deviation of the long-term average are generally consistent with balanced market conditions.

Based on a comparison of the sales-to-new listings ratio with its long-term average, more than two-thirds of all local markets were in balanced market territory in December 2017.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents how long it would take to liquidate current inventories at the current rate of sales activity.

There were 4.5 months of inventory on a national basis at the end of December 2017. The measure has been moving steadily lower in tandem with the monthly rise in sales that began last summer.

The number of months of inventory in the Greater Golden Horseshoe region (2.1 months) was up sharply from the all-time low reached in March 2017 (0.9 months). Even so, the December reading stood a full month below the region’s long-term average (3.1 months) and reached a seven-month low.

The Aggregate Composite MLS® HPI rose by 9.1% y-o-y in December 2017. This was the 8th consecutive deceleration in y-o-y gains, continuing a trend that began in the spring. It was also the smallest y-o-y increase since February 2016.

The deceleration in y-o-y price gains largely reflects trends among Greater Golden Horseshoe housing markets tracked by the index, particularly for single-family homes. On an aggregate

basis, only single-family price increases slowed on a y-o-y basis. By comparison, y-o-y price gains picked up for townhouse/row and apartment units.

Apartment units again posted the largest y-o-y price gains in December (+20.5%), followed by townhouse/row units (+13%), one-storey single family homes (+5.5%), and two-storey single family homes (+4.5%).

Benchmark home prices were up from year-ago levels in 9 of the 13 markets tracked by the MLS® HPI, with Calgary and Oakville-Milton price comparisons tipping slightly into negative territory on a y-o-y basis.

After having dipped in the second half of last year, composite benchmark home prices in the Lower Mainland of British Columbia have recovered and now stand at new highs (Greater Vancouver: +15.9% y-o-y; Fraser Valley: +20.9% y-o-y).

Benchmark home prices rose by about 14% on a y-o-y basis in Victoria and by about 19% elsewhere on Vancouver Island in December. These y-o-y gains were similar to those recorded in October and November.

Price gains have slowed considerably on a y-o-y basis in the GTA, Guelph and Oakville-Milton; however, home prices in the former 2 markets remain above year-ago levels (Greater Toronto: +7.2% y o-y; Guelph: +13.1% y-o-y; Oakville-Milton: -0.8% y-o-y).

Calgary benchmark home prices were down slightly in December (-0.4% y-o-y), as were home prices in Regina and Saskatoon (-4% y-o-y and -3.7% y-o-y, respectively).

Benchmark home prices rose by 6.6% y-o-y in Ottawa (led by a 7.5% increase in two-storey single family home prices), by 5.4% in Greater Montreal (led by a 6.3% increase in in two-storey single family home prices) and by 6.3% in Greater Moncton (led by an 8.3% increase in one-storey single family home prices). (Table 1)

The MLS® Home Price Index (MLS® HPI) provides the best way of gauging price trends because average price trends are prone to being strongly distorted by changes in the mix of sales activity from one month to the next.

The actual (not seasonally adjusted) national average price for homes sold in December 2017 was just over $496,500, up 5.7% from one year earlier. The national average price is heavily skewed by sales in Greater Vancouver and the GTA, two of Canada’s most active and expensive markets. Excluding these two markets from calculations trims almost $116,000 from the national average price to just under $381,000.

– 30 –

PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month. 

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types. 

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale. 

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 120,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

For more information, please contact:

Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: [email protected]




Canadian home sales post solid gain in November

Canadian home sales post solid gain in November

Ottawa, ON, December 14, 2017 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales rose strongly in November 2017.

Highlights:

  • National home sales rose 3.9% from October to November.
  • Actual (not seasonally adjusted) activity was up 2.6% from November 2016.
  • The number of newly listed homes climbed 3.5% from October to November.
  • The MLS® Home Price Index (HPI) was up 9.3% year-over-year (y-o-y) in November 2017.
  • The national average sale price edged up 2.9% y-o-y in November.

Home sales via Canadian MLS® Systems rose for the fourth month in a row in November 2017, up 3.9% from October. Led by a 16% jump in sales in the Greater Toronto Area (GTA), the surge in sales there accounted for more than two-thirds of the national increase. The continuing rebound put November sales activity a little over halfway between the peak recorded in March 2017 and the low reached in July.

Actual (not seasonally adjusted) activity rose 2.6% y-o-y, setting a new record for the month of November. It was the first y-o-y increase since March and was unassisted by the GTA, where activity remains down significantly from year-ago levels. A number of other large markets posted y-o-y activity gains, including Greater Vancouver and the Fraser Valley, Calgary, Edmonton, Ottawa and Montreal.

“Some home buyers with more than a twenty percent down payment may be fast-tracking their purchase decision in order to beat the tougher mortgage qualifications test coming into effect next year,” said CREA President Andrew Peck. “Evidence of this is mixed and depends on the housing market. It will be interesting to see whether December sales show further signs of home purchases being fast-tracked. A professional REALTOR® is your best source for information and guidance in negotiations to purchase or sell a home during these changing times.”

“National sales momentum remains positive heading toward year-end,” said Gregory Klump, CREA’s Chief Economist. “It remains to be seen whether stronger momentum now will mean weaker activity early next year once new mortgage regulations take effect beginning on New Years day.”

The number of newly listed homes rose 3.5% in November, which reflected a large increase in new supply across the GTA.

With sales and new listings having risen by similar magnitudes, the national sales-to-new listings ratio was 56.4% in November, remaining little changed from 56.2% reported in October. A national sales-to-new listings ratio of between 40% and 60% is generally consistent with a balanced national housing market, with readings below and above this range indicating buyers’ and sellers’ markets respectively.

That said, the balanced range for the measure can vary among local markets. Considering the degree and duration that the current market balance is above or below its long-term average is a more sophisticated way of gauging whether local housing market conditions favour buyers or sellers. (Market balance measures that are within one standard deviation of the long-term average are generally consistent with balanced market conditions).

Based on a comparison of the sales-to-new listings ratio with its long-term average, more than half of all local markets were in balanced market territory in November 2017.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents how long it would take to liquidate current inventories at the current rate of sales activity.

There were 4.8 months of inventory on a national basis at the end of November 2017 – down slightly from 4.9 months in October and around 5 months recorded over the summer months, and within close reach of the long-term average of 5.2 months.

At 2.4 months, the number of months of inventory in the Greater Golden Horseshoe region is up sharply from the all-time low of 0.8 months reached in February and March. Even so, it remains below the region’s long-term average of 3.1 months.

The Aggregate Composite MLS® HPI rose by 9.3% y-o-y in November 2017. This is a further deceleration in y-o-y gains that began in the spring and the smallest increase since February 2016.

The deceleration in price gains largely reflects softening price trends in the Greater Golden Horseshoe housing markets tracked by the index, particularly for single-family homes.

Apartment units again posted the largest y-o-y gains in November (+19.4%), followed by townhouse/row units (+12.3%), one-storey single family homes (+6%), and two-storey single family homes (+5.3%).

Benchmark home prices were up from year-ago levels in 11 of the 13 markets tracked by the MLS® HPI.

After having dipped in the second half of last year, benchmark home prices in the Lower Mainland of British Columbia have recovered and now stand at new highs (Greater Vancouver: +14% y-o-y; Fraser Valley: +18.5% y-o-y).

Benchmark home prices rose by about 14% on a y-o-y basis in Victoria and by 18.5% elsewhere on Vancouver Island in November, on par with y-o-y gains in October.

Price gains have slowed considerably on a y-o-y basis in Greater Toronto, Oakville-Milton and Guelph but remain above year-ago levels (Greater Toronto: +8.4% y-o-y; Oakville-Milton: +3.5% y-o-y; Guelph: +13.4% y-o-y).

Calgary benchmark home prices remained just inside positive territory on a y-o-y basis (+0.3%), while prices in Regina and Saskatoon were down from last November (-3.5% y-o-y and -4.1% y-o-y, respectively).

Benchmark home prices rose 6.7% y-o-y in Ottawa, led by a 7.6% increase in two-storey single family home prices, by 5.6% in Greater Montreal, led by an 8.3% increase in prices for townhouse/row units, and by 4.6% in Greater Moncton, led by a 7.8% increase in one-storey single family home prices. (Table 1)

The MLS® Home Price Index (MLS® HPI) provides the best way of gauging price trends because average price trends are prone to being strongly distorted by changes in the mix of sales activity from one month to the next.

The actual (not seasonally adjusted) national average price for homes sold in November 2017 was just under $504,000, up 2.9% from one year earlier. The national average price is heavily skewed by sales in Greater Vancouver and Greater Toronto, two of Canada’s most active and expensive markets. Excluding these two markets from calculations trims more than $120,000 from the national average price (to just above $381,000).

– 30 –

PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month. 

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types. 

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale. 

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 120,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

For more information, please contact:

Pierre Leduc, Media Relations
The Canadian Real Estate Asso