Canada’s housing sector continued to show signs of stabilization in April, with realtors in most markets recording increases in both transactions and prices.
The number of homes sold rose 3.6 per cent compared with March, on a seasonally adjusted basis, the Canadian Real Estate Association said Wednesday in a statement. From a year ago, sales are up 4.2 per cent. Benchmark prices for homes increased 0.7 per cent in April, adding to a 0.8 per cent gain in March. That’s the strongest back-to-back increase in prices in a year.
The report is in line with other recent data that suggests housing has begun to recover from a recent slump, easing concerns that some of the country’s more expensive markets like Toronto were poised for a major correction.
“Sales activity is stabilizing among Canada’s five most active urban housing markets,” Gregory Klump, the realtor group’s chief economist, said in the statement.
The rebound is most evident in Toronto, where transactions climbed 11 per cent and prices gained 1.3 per cent. Of 19 major markets tracked by the Ottawa-based real estate association, 16 recorded price gains last month.