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MLS® home sales edge higher
Resale housing activity in Canada’s major markets increased in November 2006 compared to October, according to statistics released by The Canadian Real Estate Association (CREA). MLS home sales for the year-to-date in November were on par with last year.
A total of 27,630 homes were sold via the Multiple Listing Service® (MLS®) in Canada’s major markets in November 2006 – an increase of 1.5 per cent from October. Activity rebounded strongly in Calgary and Victoria, and edged higher in Vancouver. Monthly increases in sales activity in those markets more than offset small monthly declines in Edmonton and in a number of major markets in Ontario.
Actual (unadjusted) sales activity for the year-to-date in November 2006 was on par with levels recorded during the same period last year. Year-to-date activity reached the highest levels on record in Calgary, Edmonton, Saskatoon, Winnipeg, Ottawa, Montreal, and Quebec City.
The MLS® residential average price in Canada’s major markets was $298,094 in November 2006, up 9.4 per cent compared to November 2005. Average price set new monthly records in Victoria, Edmonton, Saskatoon, Sudbury, and Saint John.
Seasonally adjusted MLS® residential new listings numbered 46,767 units in November, down from 48,001 units in October. The monthly decline reflected a drop in new listings in Calgary, Vancouver, and Victoria.
"The resale housing market still has legs," said CREA’s Chief Economist Gregory Klump. "Recent monthly declines in listings and the continuation of solid sales activity are keeping markets tight and fueling double-digit price increases in Western markets. Resale housing markets in Central Canada were more balanced, with more modest price increases as a result. The contrast between Western and Central Canadian housing markets is forecast to persist next year."
"November was a solid month for residential MLS® sales in Canada’s major markets,” said Alan Tennant, FRI, President of The Canadian Real Estate Association. "Resale housing activity for the year-to-date in November was on par with the record level reached during the same period last year." "Market conditions are not uniform and vary between markets and neighborhoods," continued Tennant. "To gain a full understanding of what opportunities local market conditions present, consumers should talk to their REALTOR®."
December 18, 2006 in Toronto Real Estate Update | Permalink
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Comments
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Posted by: Donald | Dec 18, 2006 11:57:49 PM
It is great to see that the US market has not bogged Canada down. Do you think we will eventually see a fall in the market do to US market issues.
Posted by: Snap Up Real Estate | Dec 18, 2006 11:43:36 AM
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