Resale home listings increase, sales slip: real estate association
Last Updated: Tuesday, July 15, 2008 | 11:44 AM ET
CBC News
Canadians put a record number of homes up for sale in the first half of 2008 while sales of residential units slipped, the Canadian Real Estate Association said Tuesday.
The number of homes for sale listed on the Multiple Listing Service in the first half of 2008 totalled 332,958 units, up 8.1 per cent from the same time period in 2007. CREA suggested the figures show the resale housing market is becoming more balanced, particularly in regions such as Vancouver, Regina, and Saskatoon.
CREA noted the major market residential average price for the first half of 2008 increased 3.2 per cent in yearly comparisons to $340,390.
Meanwhile, sales activity during the same time span fell 13.3 per cent to 169,265 units, CREA said.
"The resale housing market is more balanced than it was last year in all major urban centres," said CREA chief economist Gregory Klump in a release.
"The frenzied pace for sales activity last year has faded, with buyers now better able to shop around before making an offer. Price increases are expected to be modest in the second half of 2008, as sales continue easing and new listings remain high."
New listings hovered at record or near-record levels in Toronto, Vancouver, Ottawa, Regina and Saskatoon, CREA said while Edmonton and Calgary observed declines.
