Home sales and average prices rose in December ahead of stricter mortgage tests

Home sales and average prices rose in December ahead of stricter mortgage tests

TORONTO — The Canadian Real Estate Association says national home sales rose 4.5 per cent in December from the month before.

The number of homes on the market also rose, up 3.3 per cent from November to December.

CREA says that rebound likely stemmed from heightened demand for homes ahead of tighter stress tests for those with uninsured mortgages that came into effect on Jan. 1.

On a yearly basis, sales were up 4.1 per cent from the previous December.

Meanwhile, the average national home price reached just over $496,500, up 5.7 per cent from one year earlier.

Six-in-ten per local markets also saw a surge in activity in December with the Greater Toronto Area, Edmonton, Calgary, the Fraser Valley, Vancouver Island, Hamilton-Burlington and Winnipeg leading the country.

 

The Canadian Press

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