Government Relations

Ontario and national housing market improves in 2012

housing market

The Ontario market has picked up this April in comparison to the same time last year. According to the Canadian Real Estate Association (CREA), there were 22, 908 homes sold in 2012, up 12.4 per cent from 20,381 units last year. The average home price grew by 7.7 per cent, from $369,315 in 2011 to $397,615 in 2012.

Growth in Ontario mirrors the national housing trends. On a year-to-year basis, there were 49,480 homes sold across Canada, up 11.4 percent from last year’s 44,370 units. In April 2011, sales slowed down temporarily due to a change in mortgage landing rules, including the elimination of a 35-year amortization period, which came in effect in March 2011. The national average price for homes sold in April 2012 was $375,810, up 0.9 per cent from the same month last year. Average sale prices were up on a year-over-year basis in 80 per cent of all local markets in April. Follow the link to view CREA’s full release.

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