  |
|
 May 24, 2008 Record number of residential listings The number of new listings of homes for sale on the Multiple Listing Service® (MLS®) of real estate boards in Canada reached its highest level ever in April 2008, according to statistics released by The Canadian Real Estate Association (CREA). The rise in new listings outpaced a small gain in sales activity, resulting in a more balanced market. A similar trend was reported in the Association's analysis of major markets, issued earlier in May. New MLS® residential listings in all markets in Canada rose 2.8 per cent on a seasonally adjusted month-over-month basis to 77,248 units in April 2008. Actual (unadjusted) new listings were up 20.3 per cent from April 2007. The new record resulted largely from unprecedented numbers of new listings in the Fraser Valley, Saskatoon and Toronto. The rise in new listings in these markets more than offset a decline in new listings in Edmonton and Calgary, where new listings retreated from the previous month's record levels. Seasonally adjusted national MLS® sales activity in all markets in Canada numbered 36,614 units in April 2008. This is an increase of 1.2 per cent over the previous month. The modest monthly gain resulted from a rise in activity in Quebec City, Toronto, Winnipeg, Halifax-Dartmouth, Hamilton-Burlington, Sault St. Marie and Fredericton. Activity gains in these markets offset fewer transactions in Vancouver, Victoria, Calgary, and London & St. Thomas. Seasonally adjusted sales reached their fourth highest levels on record in Saskatchewan, Manitoba and Newfoundland & Labrador. Sales activity in the first four months of 2008 is also running ahead of activity for the same period in any other year in Saskatchewan, and Newfoundland & Labrador. Actual (unadjusted) MLS® home sales activity was down 6.2 per cent in April compared to record levels a year ago. This is still the third highest level for sales during the month of April . Two new properties were listed for sale for every home that sold through the MLS® system of real estate Boards and Associations across Canada in April. This resulted in the most balanced resale housing market in more than nine years. A surge in new listings in Regina and Saskatoon caused the resale housing market to become significantly more balanced in Saskatchewan. By contrast, strong sales activity caused the resale housing market to tighten in Newfoundland & Labrador. Resale housing markets were tightest in Manitoba and Newfoundland & Labrador, while remaining most balanced in Alberta. A more balanced market means price gains are smaller. The national MLS® residential average price rose four per cent year-over-year to $317,619 in April 2008. This is the smallest year-over-year price increase in over six years. "This price trend is in line with the Association's projections for the balance of 2008," said CREA President Calvin Lindberg. "Price increases are now maintaining at levels that are historically more consistent with the Canadian real estate market. There are more listings on the market, which means more choice for the buyers. That also means sellers have to pay more attention to how they price their home. A professional REALTOR® understands what is going on in the market, and can help owners with all of the issues involved in selling a home more effectively." CREA's updated housing market forecast for 2008 is posted on the Association's web site at www.crea.ca. The MLS® residential average price climbed to its highest level ever in Saskatchewan, Manitoba, Nova Scotia and Newfoundland & Labrador, and stood just slightly below record levels nationally and in Ontario. Seasonally adjusted MLS® residential dollar volume was unchanged in April compared to the previous month at $12.0 billion. Dollar volume reached its highest monthly level on record in Saskatchewan and Manitoba, posted the third highest monthly level in New Brunswick and Nova Scotia, and recorded its fourth highest monthly level in Newfoundland & Labrador. "New listings are trending higher, resulting in a more balanced resale housing market in Vancouver, Calgary, Edmonton, Toronto and Montreal, Canada's five most active markets," said CREA Chief Economist Gregory Klump. "New listings are forecast to rise further as sales activity continues retreating from the peak last year, resulting in an increasingly balanced resale housing market and smaller home price increases," said Klump. (prepared by Gregory Klump, Chief Economist/Canadian Real Estate Associaiton) Go Back To The Market Updates Page Questions? No problem! For more information, please feel free to contact June Conway toll free at +1.888.657.7123. Of course, you could always just email June Here . |
about june | opinions | properties | salmon arm maps
buying? | selling? | market update | links
home page
| Re/Max-June Conway Realty In association with: Re/Max-Shuswap Realty |
Toll Free: 1-888-657-7123 Tel: 250-832-7051 Fax: 250-832-2777 |
1111 Lakeshore Drive SW |
This site is created and maintained by JonathanDay.com
Please read this website's privacy policy.
