Tuesday, November 20, 2007

It was the highest October on record for MLS® home sales

Highest October on record for MLS® home sales

OTTAWA November 15th, 2007 MLS® resale housing activity in Canada's major markets had their strongest showing in October compared to any other year on record and are on track for a new annual record, according to statistics released by The Canadian Real Estate Association (CREA).

Seasonally adjusted national MLS® sales activity rebounded to 28,966 units in October 2007, up 1.3 per cent from levels recorded in September. The rebound follows three consecutive monthly declines since sales peaked in June, and reflects a rise in activity in Toronto, Edmonton, Hamilton-Burlington, Victoria, Montreal, Quebec City and Winnipeg. Higher activity in these markets more than offset sales declines in Calgary, Vancouver, Saskatoon and Sudbury.

Actual (unadjusted) MLS® sales activity was up 7.6 per cent in October compared to the same month last year. Transactions posted year-over-year gains in every month except September this year, putting activity on track for a new annual record. MLS® home sales activity for the year-to-date in October totaled 319,411 units, an increase of 8.6 per cent compared to levels for the first ten months last year. Year-to-date transactions continue running ahead of year-ago levels in nearly all major markets.

Seasonally adjusted n ew MLS® residential listings edged down 0.2 per cent month-over-month in October 2007 to 49,497 units. This is the fifth highest monthly level on record. New listings receded from their peak in Calgary, and eased to their fourth highest level in Edmonton. The decline in new listings in these markets more than offset a rise in new listings in Toronto and Montreal.

"The trend in new listings shows there is no panic selling in Canada's housing market," said CREA President Ann Bosley. "It is important Canadians understand the differences between the Canadian and U.S. housing markets, and their local REALTOR® can provide that information."

CREA's MLS® revised market forecast for 2008 indicates a gradual slowdown in the re-sale housing market nationally, but MLS® sales volume will remain at near record levels. "The MLS® residential average price is forecast to set new records in all provinces next year, but those increases will become smaller as the resale housing market becomes more balanced in 2008," Bosley added.

The monthly rise in sales activity in October 2007 caused the resale housing market to tighten a little compared to the previous month. Winnipeg, Regina and Hamilton-Burlington were the tightest of Canada's major markets in October, while Edmonton, Calgary and Windsor were most balanced.

The major market MLS® residential average price rose 10.6 per cent year-over-year to $333,544 in October the sixth consecutive month that the increase exceeded ten per cent. Average price reached the highest level on record in Regina, Saskatoon, Toronto and Montreal.

"More than half of major markets posted a monthly increase in activity," said CREA Chief Economist Gregory Klump. "By the end of next month MLS® sales activity is likely to exceed the annual sales last year."

"Negotiations still favor the seller in nearly all major markets," said Klump. "This suggests resale housing demand remains on a strong footing, and that price increases will continue to exceed overall consumer price inflation."

MLS® Major Market Residential Summary:

(Unadjusted Data)

September
2007

% change

October
2007

October 2006

e

Dollar Volume ($ millions)

9,632.5

9,408.6

2.4

9,475.3

7,963.1

19.0

Unit Sales

28,966

28,587

1.3

28,408

26,407

7.6

Average Price ($)

333,544

301,552

10.6

New Listings

49,497

49,580

-0.2

50,880

47,773

6.5

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighborhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® is a co-operative marketing system used only by Canada's real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada's largest single-industry trade associations, representing more than 92,000 REALTORS® working though more than 100 real estate Boards and Associations. CREA's primary mission is to represent members at the federal level, and to defend the public's right to own and enjoy property.

This report is published by the Communications Department of The Canadian Real Estate Association (CREA). Further information can be found at http://www.crea.ca/.

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Mark

A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate


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