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MLS home sales strong in January

Sales of existing homes in Canada’s major markets started the year on a strong note.

Seasonally adjusted existing home sales numbered 25,639 units in January – an increase of 0.2 per cent compared to the previous month and 3.4 percent higher than in January 2004. New listings rebounded in January, having jumped 9.4 per cent compared to December 2004. The rise in new listings extended the trend toward a more balanced resale housing market that began early last year.

With the resale housing market becoming more balanced, price increases are becoming smaller. The MLS® residential average price for major markets in January 2005 rose 7.6 per cent year_over-year.

“More new listings means a greater selection of homes many regions, which is good news for homebuyers,” said CREA’s Chief Executive Officer, Pierre Beauchamp. “The continuation of low interest rates, a low unemployment rate and strong consumer confidence bodes well for resale housing market activity in 2005,” said CREA’s Chief Economist, Gregory Klump.

According to MLS® reports from real estate Boards across Canada, existing home sales set a new record in 2004, as 461,844 dwellings were sold through the Multiple Listing Service®. The average MLS® sales price increased by 9.7% in 2004, slightly greater than the increase reported for 2003.

“After those record sales levels, an increase in new listings and a return to a more normal pace of sales activity are expected to bring the resale housing market into a more balanced position in2005” Gregory Klump added. “And as the resale housing market becomes more balanced, the size of average price increases will moderate to between three and five per cent.” In January, the number of new listings added to the MLS® increased in a number of markets, including Vancouver, Toronto, Ottawa and Montreal.

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February 15, 2005 in Toronto Real Estate Update | Permalink


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