Monday, November 16, 2009

Sellers' market conditions are supporting stronger house prices

CMHC is predicting a strong market for sellers in 2010

Sellers’ market conditions are supporting stronger house prices

The resale market began 2009 in buyers’ market territory in most markets across Canada. Slowing sales at the end of 2008, coupled with higher levels of new listings, moved many markets away from the sellers’ conditions that have been dominant over the past few years and into buyers’ market territory.

However, in recent months new listings have slowed while sales have increased.

This has moved many markets back into either balanced or sellers’ market conditions. Heading into 2010, balanced to sellers’ market conditions will continue to support growth in house prices.

The outlook for the national MLS® price will be affected by the swing in market conditions as well as changes in the geographical composition of sales.

In 2008, sales in Canada’s more expensive housing markets fell at a faster pace than other centres and this led to a sharp decline in the Canadian average MLS® price. In recent months though this trend has reversed, resulting in strong price increases in the second and third quarters of 2009. As a result, the average MLS® price in Canada will increase by 3.1 per cent to $312,950 in 2009 and by 3.7 per cent to $324,500 in 2010.

I hope this finds you Happy and Healthy!

All the Best!

Mark

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


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