September has come and gone and fortunately we were able to enjoy great weather for another month. Across the nation there were interesting trends developing in Canadian real estate and we're going to take a peek at a few of the interesting figures that were released by the Canadian Real Estate Association.
In Calgary year-over-year sales climbed for the month of September by 14.8% with 2,054 sales transactions happening in the city. In Edmonton sales were somewhat cooler this September with 1,269 sales of residential properties as compared to 2011 September figures of 1,442. When looking at the year-to-date numbers, however, there were 14,565 home sales completed up until the end of the 2012 third-quarter, while in 2011 there were only 13,729 sales reported during the same time period.
According to the British Columbia Real Estate Association, the total dollar volume of residential sales declined to $2.2 billion in 2012, which was a 28.5% decrease from last year's September sales. As well, the total unit sales for residential properties dropped 24.3% this September with 4,539 sales reported when compared to last year's September figures. Residential property prices also went down when compared to last year’s prices for the month by 5.6% to $494,213. It is expected that these numbers will begin to rise in the coming months as the population expands due to strong growth in full-time employment and continuing low interest rates for mortgages.
In Toronto the number of sales was down 21% for September 2012 over last September's numbers with just 5,879 sales recorded. The average price for a property increased about 8.5% when compared to last September with an average selling price of $503,662. The average price for all home types was up across the city.
In Ottawa, MLS® sales activity was down from 1,201 transactions that took place in September 2011 to 993 units being sold in September of this year. The average September property price was $351,585 which was up from $335,623 for the month in 2011.
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