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Third quarter MLS® sales edge back from record levels

Well, it was just a matter of time. The figures for MLS® resale housing activity in Canada's major markets are out and although sales have remained strong in the third quarter of 2007, there are signs that the market is finally starting to calm. According to statistics recently released by The Canadian Real Estate Association (CREA) resale home sales are edging back from the previous quarter's record levels. That's not too surprising when you consider that we've been consistently heaping record upon record for some time now. The spiraling totals that go along with that kind of record-breaking performance couldn't go on indefinitely. And although we didn't surpass last quarter's record, 89,482 sales in the third quarter still represented the third highest quarterly level ever. Not to mention that we remain on track for another recor d year in 2007. Sales in Canada's major markets numbered over 291,000 units in the first nine months of 2007, up 8.7% from the same period in 2006.

On the other hand, more new listings came on the market than properties sold, resulting in a more balanced market in the third quarter. MLS® residential new listings numbered over 148,000 units in the third quarter of 2007 says CREA - the second highest level on record, and less than 1% below the record set in the second quarter this year. On the local level, a substantial increase in new listings caused the Calgary, Edmonton, Saskatoon and Regina markets to become more balanced. By contrast, markets in Vancouver, Victoria, Winnipeg, Toronto, Kitchener-Waterloo, Ottawa and Saint John have become tighter since the year began, which will add pressure to the price of available housing.

Over the long haul, a strong and stable market is still expected throughout 2007 and beyond, and that's good news for both buyers and sellers. Of course, these are just national and local trends. House sales and values can vary dramatically between communities, and even on the same street. If you'd like some specific pricing information or want a more detailed overview of your neighbourhood, then just give me a call. As your local Coldwell Banker® real estate professional, I have access to 'insider' information that you can use to your best advantage and I'd like to put it to work for you!

 

Posted on Friday, November 2, 2007 at 02:22PM by Registered CommenterElaine in | CommentsPost a Comment

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