November 15, 2010

Woot woot! Go Canada Go!

National resale housing activity rose again in October. This is the third consecutive month of increases, according to statistics released by The Canadian Real Estate Association (CREA).

According to CREA:

“Seasonally adjusted national home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards climbed 4.6 per cent in October 2010. The monthly rise in activity builds on similar increases in August and September. As a result, activity now stands 13.3 per cent above July levels, when it reached this year’s low point. Three-quarters of local markets posted monthly increases in seasonally adjusted activity in October, led by Toronto and Vancouver.

As further evidence that the market is returning to normal, sales activity in October stood halfway between the recessionary low reached in December 2008, and the record level activity posted in December 2009.”

The number of new residential listings on Canadian MLS edged up 1.3 per cent on a seasonally adjusted basis in October. New listings remain 14 per cent below the recent peak reached in April 2010.

CREA says October’s gains are a further sign the market is returning to normal and is balanced, which means favouring neither buyers nor sellers…. balanced!

Prices were up slightly from October 2009 and from September of this year.

“The continuation of low interest rates is supporting sales activity, which has been improving over the past few months in a number of major markets including Vancouver…” said Georges Pahud, CREA’s President.

“National sales activity is now running almost halfway between the highs and lows posted between late 2008 and late 2009,” said Gregory Klump, CREA’s Chief Economist. “This suggests that the Canadian housing market may be starting to normalize. After the wild rollercoaster ride that many housing markets have been on, normal and stable market conditions are something that many buyers and sellers will likely welcome.”

Still, sales activity was 21.6 per cent levels reported last October, when activity set a new record for the month.

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