(Source: CNW Group)
Canada’s housing market is showing signs of emerging from its winter hibernation, according to the latest Real Estate Trends report released today by Scotia Economics. Nationally, home sales strengthened in both February and March, and preliminary reports suggest this firming trend continued in April.
The Real Estate Trends report notes that the rise in demand, combined with fewer new listings, has restored a better balance to the market. The national new-listings-to-sales ratio averaged 2.2 in March, down from a cycle peak of 2.7 last November (about 2.0 is considered balanced). Average home prices steadied in February and March, though were still down almost eight per cent year-over-year, or five per cent on a regional sales-weighted basis.
Read the full press release “Canadian Housing Market Shows Some Spring In Its Step, According to Scotia Economics” May 5 2009.