« Where did the money go? | Main | Prices down 15% | Sales down 21% »
MLS listings down 3.3% from peak
Fewer Canadian homes were sold in the third quarter but the number put on the market also dropped – a sign that a slide in housing prices is beginning to slow, says the Canadian Real Estate Association.
New listings of homes for sale on the Multiple Listing Service in major Canadian markets edged lower in the third quarter of 2008, due primarily to easing in Edmonton and Calgary, the Canadian Real Estate Association said Wednesday.
Seasonally adjusted new listings declined by 3.3 per cent from their peak in the second quarter of 2008, causing the balance of sales to new listings in the resale home market to tighten on a quarter-over-quarter basis for the first time since the beginning of 2007.
But compared to the third quarter of 2007, new listings increased by 6.5%.
There were 146,637 new residential listings on a seasonally adjusted basis in the third quarter of 2008, compared to 151,573 in the second quarter. New listings in Edmonton and Calgary eased the most, followed by declines in Vancouver and Montreal.
"Informed buyers and informed sellers look at the facts. And the facts right now indicate the real estate resale market is stabilizing in many markets," CREA president Calvin Lindberg said in a statement.
Seasonally adjusted MLS residential home sales in Canada's major markets declined by 1.5 per cent quarter-over-quarter to 76,391 units, due primarily to fewer sales in Vancouver. Year-over-year, home sales plunged by 10.7 per cent.
Lower sales activity in higher-priced markets pulled the overall average price for MLS residential listings in major markets down by 6.2 per cent year-over-year in September, despite average price gains in 17 of 25 major markets.
"Price declines in some of Canada's more expensive housing markets will outweigh further price gains in other markets and continue pulling the national average price lower over the rest of the year and into 2009," CREA chief economist Gregory Klump said in a statement.
But "Canadian homebuyers should not expect to see the kind of price correction that's underway in the U.S., where overly indebted homeowners are selling into a housing market where foreclosures and the number of newly constructed unoccupied homes are increasing," Klump added.
October 15, 2008 in Canadian Real Estate Market | Permalink
TrackBack
TrackBack URL for this entry:
https://www.typepad.com/services/trackback/6a00d8341c51e453ef0105358608e5970b
Listed below are links to weblogs that reference MLS listings down 3.3% from peak:
Comments
so if I can't sell the property with asking price than I'll moved from MLS.
Posted by: | Oct 16, 2008 11:36:13 PM
from different states housing price decreased to low rates in order for people to afford it
Posted by: urbanchild | Oct 16, 2008 12:02:05 AM
The comments to this entry are closed.
