Both sales and the value of sales have exceeded our expectations this year. We anticipated sales levels would be the same as last year, however, properties sold so far have already exceeded last year’s sales with only a month to go. The dramatic increase in sales can be explained by last year’s sales being affected by the crisis in the financial markets.

“The market remains rock steady,” said Charlie Ponde, President of the REALTORS® Association of Edmonton. “Prices vary from month to month within a small range and with a slow gradual upward trend. Buyers have confidence in this market and REALTORS® are prepared to match their needs with the perfect housing option.”

"Very strong annual growth rates for sales and average prices should be expected through the first quarter of 2010 because we will be comparing the current recovery to the housing market decline experienced last winter,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “As we move into the spring, growth rates will move to more sustainable levels. Watch for listings to rebound in 2010 as home owners react to the strong sales and price growth experienced in the latter half of this year.” Mercer added.

Below is a brief summary of sales activities in some areas across the country:

Ontario – Home sales remain strong in November

Toronto, December 3, 2009 – Greater Toronto REALTORS® reported 7,446 sales in November – slightly more than double the November 2008 result when GTA home sales had dipped markedly due to the economic downturn. Year-to-date sales were up 14% compared to the first 11 months of 2008.

“This year in the GTA, home sales will be in line with the healthy levels experienced between 2004 and 2006,” said Toronto Real Estate Board President Tom Lebour. “Increased resale home transactions in the Toronto area and country-wide played a key role in pushing the Canadian economy out of recession in the third quarter.”

The average price for November transactions was up 14% year-over-year to $418,460. The average price year-to-date was up 4% to $394,464. In November, the median price was $353,800, up from the $312,250 recorded during November of 2008.

Ottawa, December 3, 2009 – In November, 916 residential properties were sold in Ottawa compared with 643 in November 2008, an increase of 42.5%.

“The dramatic increase in sales can be explained by last year’s sales being affected by the crisis in the financial markets,” said Board President Rick Snell. “The five-year average for November sales is 809. Listing inventory remains at a low level and we are still in a seller’s market,” he added.

The average sale price of residential properties, including condominiums, sold in November in the Ottawa area was $313,370, an increase of 7.4% over November 2008. The average sale price for a condominium-class property was $225,767, an increase of 1.7% over November 2008. The average sale price of a residential-class property was $340,075, an increase of 9.8% over November 2008.

British Columbia – November home sales continue at torrid pace

Vancouver, December 9, 2009 – The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 165% to 7,182 units in November compared to the same month last year. Last month posted the highest number of MLS® residential sales for the month of November since 2005, when 7,721 units changed hands. Triple-digit gains in province-wide unit sales reflect a low number of unit sales in November 2008.

“BC home sales remained at an elevated level in November,” said Cameron Muir, BCREA Chief Economist. “Low mortgage interest rates, pent-up demand and strong consumer confidence continue to be key drivers in the market."

The torrid pace of home sales in Fraser Valley, Vancouver and Victoria has propelled the provincial total to near record levels. However, consumer demand in these markets is expected to moderate in the new year as pent-up demand is largely expended and higher home prices erode affordability.

Year-to-date, MLS® residential sales dollar volume increased 21% to $36.8 billion over the same period last year. A total of 79,325 units were sold in the first eleven months of 2009, up 19% from 2008, while the average MLS® price increased 2% to $463,555.

Alberta - Year-to-date sales in November surpass 2008 year end sales

Edmonton, December 2, 2009 – Total sales through the Edmonton area Multiple Listing Service® system to the end of November have surpassed total year end sales in 2008. The total value of all types of property sold to the end of November is $6.64 billion. The same figure at the end of December 2008 was $6.42 billion. There have been 20,355 property sales so far as compared to 19,448 at year-end 2008.

In November, the average price of a single family dwelling went up 1.2% to $368,018, reversing a 2% drop in the previous month. Single family dwelling prices are 1.5% higher than the same month last year.

Although condominium prices are down 2.5% from last month they are just a bit higher than condo prices a year ago. The average price for a condo in November 2009 was $231,684. At $284,849, the duplex and rowhouse prices were down 4.7% from last month and down 9.5% from a year ago. Overall, the all-residential average price is $318,482, down marginally from October and the previous November.

There were 1,894 homes listed on the MLS® System in November with 1,261 sales for a sales-to-listing ratio of 67%. The total value of residential sales in November was $402 million and total available inventory was 5,226 homes which is a typical four month supply. Homes sold on average in 48 days which is up one day from last month but much brighter than the 63 days it took to sell a home in November 2008.