Sales fingers collected from real estate boards around the country shows a dip down in sold properties and new listings. It’s not unusual to see a dip in new listings at this time of year, however the level of home buying interest, in particular for homes priced competitively, is stronger than we expected given we’re approaching the holiday season. That combination continues to have a stabilizing effect on home prices.

"Buyers are optimistic because of the improved economic conditions, which is why we’re seeing consistency in homes sales." said Deanna Horn, Fraser Valley Real Estate Board president.

The Canadian hosing market is expected to be relatively strong following the holidays seasons with a marginal increase in property prices. Mortgage rates are predicted to increase slowly in 2011 as the Bank of Canada slowly increases its policy rate.
 

Ontario - Sales Strong in November

Toronto, December 3, 2010 - Greater Toronto REALTORS reported 6,510 existing home sales in November – down 13 per cent from 7,446 sales in November 2009. New listings were also down 13 per cent annually to 8,642.

On a month-over-month basis, the seasonally adjusted annual rate of sales increased for the fourth straight month to 88,100. This rate was substantially higher than the July low of 67,900.

"The GTA resale market has tightened since the summer. Healthy market conditions continued to support growth in the average selling price," said Toronto Real Estate Board President Bill Johnston.

"Sales through the first 11 months of the year were down only marginally compared to the same period in 2009. We remain on track for one of the best years on record under the current TREB market area," continued Johnston.

The average selling price for November transactions was $438,030 - up five per cent compared to November 2009.

"The average selling price in the GTA is affordable. A household earning the average income can comfortably cover the mortgage payments on an average priced home. Expect the average selling price to grow at a moderate pace over the next year," said Jason Mercer, TREB's Senior Manager of Market Analysis.

In November, the median price was $366,000, from the $353,800 recorded during November of 2009.

Ottawa, December 3, 2010 - Members of the Ottawa Real Estate Board sold 942 residential properties in November through the Board’s Multiple Listing Service® system compared with 913 in November 2009, an increase of 3.2 per cent.

Of those sales, 221 were in the condominium property class, while 721 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

“Both the residential and condo classes showed slightly higher sales than last year, selling prices increased at nearly the same rate, and the number of properties available for sale rose from a year ago as well. These are all good indicators that Ottawa’s housing market is healthy and stable, and that buyers and sellers are confident that a home purchase in our city is a wise investment,” said Immediate Past President Pierre de Varennes.

The average sale price of residential properties, including condominiums, sold in November in the Ottawa area was $324,218, an increase of 3.4 per cent over November 2009. The average sale price for a condominium-class property was $265,704, an increase of 17.4 per cent over November 2009. The average sale price of a residential-class property was $342,154, an increase of 0.6 per cent over November 2009. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.


British Columbia – Consistent home sales speck for consumer confidence

Surrey, November 2, 2010 - For the fifth consecutive month, sales processed on the Fraser Valley Real Estate Board’s multiple Listing Service® (MLS®) have remained stable with November’s figures showing a modest increase over October.

“Consumers are responding to how prices have moderated in the last six months, in addition to the double dip in mortgage rates,” says Deanna Horn, Board president.

A total of 1,084 sales were processed on the Board’s MLS® in November, an increase of 7 per cent compared to 1,014 sales in October and a decrease of 29 per cent compared to 1,522 sales in November of last year.

The Board received the fewest number of new listings this year to date with 1,773 new properties coming on stream in November, a 17 per cent decrease from October and a 15 per cent decrease compared to November 2009. The Board finished November with 9,049 active listings, 5 per cent fewer than in October and an increase of 9 per cent compared to the 8,334 properties available in November 2009.

The benchmark price for Fraser Valley detached homes in November was $504,848, down 0.2 per cent compared to October and 1.4 per cent higher compared to $497,697 in November 2009.

The benchmark price of Fraser Valley townhouses in November was $319,623, a 0.2 per cent increase compared to October and a 1.2 per cent increase compared to November 2009 when it was $315,890.

Year-over-year, the benchmark price of apartments increased 2.7 per cent going from $235,842 in November 2009 to $242,276 last month and 0.7 per cent higher compared to October 2010.

Alberta - Calgary buyers looking for the right price, location and conditions

Calgary, December 1, 2010 - November home sales in the city of Calgary remained steady month over month, while year-over-year sales were down, according to figures released today by the Calgary Real Estate Board (CREB®).

The number of single family home sales in the month of November 2010 held firm at 891, compared with October 2010, when sales were 888. The number of condominium sales for the month of November 2010 was 310. This was the same as the 310 condominium transactions recorded in October 2010.

Year-over-year, the number of single family homes sold in November 2010 in the city of Calgary were down 19 per cent. In November 2009, single family home sales totalled 1,095. Condominium sales saw a decrease of 38 per cent from the same time a year ago. In November 2009, condominium sales were 504.

“Indeed, the second half of 2010 has proven to be weaker than expected, and Calgary’s housing market is taking some time to re-gain traction,” says Diane Scott, president of CREB®. “Subdued sales have meant buyers have an abundance of products to choose from, and they can be selective in their buying criteria.”

The average price of a single family home in the city of Calgary in November 2010 was $455,460, showing a 2 per cent increase from October 2010, and a 2 per cent decrease from November 2009. The average price of a condominium was $284,667, showing a 1 per cent decrease from October 2010.

“We are not likely to see any major dips in pricing over the coming months, but there may be some decline in our average and median prices as motivated sellers reduce their price, and we work through our increased levels of inventory” says Scott. “The good news is that we are seeing a downward trend on our overall inventory levels,
and our absorption rate is gradually improving,” adds Scott.

Single family listings in the city of Calgary added for the month of November 2010 totalled 1,318, a decrease of 25 per cent from October 2010  and a decrease of 3 per cent from November 2009, when 1,365 new listings came into the market.

Condominium new listings in the city of Calgary added for November 2010 were 632, down 12 per cent from October 2010. This is a decrease of 10 per cent from November 2009, when new condominium listings added were 705.

“Unemployment peaked at around 7.6 per cent in the middle of this year, and has been slowly improving since then. We do expect Calgary and Alberta’s economy to improve in 2011, driven in part by recent improvements in the energy sector. Ultimately it is going to take boosts in employment, along with more migration, to kick-start Calgary’s housing market,” says Scott.