The average home price was $454,342 in December according to CREA. This was down 0.4% from November and is a year-over-year increase of 12%. Large price gains continue to be concentrated in the Greater Toronto and Vancouver areas, while most other markets posted more moderate price increases. Not including Toronto and Vancouver, average prices were up only 5.4%. This is an increase in price growth across the board and could represent a change in mix of houses being purchased as higher-end buyers try to get ahead of impending changes in lending practices.
43,635 homes sold in December, a decrease of 0.6% from last month and up 11% from last year. Some of the recent pickup in sales may be buyers trying to get in the market before the new rules begin to limit their options.
A seasonally adjusted 78,560 homes came on the market in December: an increase from the previous month, causing the sales-to-new-listings ratio to decline to 55.5%.
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