Industry News

Canada posts growth in existing-home sales, prices

Lower inventory causes market to tighten
Published on Mar 30, 2006

Canadian existing-home sales via the Multiple Listing Service rose to their fifth-highest seasonally adjusted monthly level on record in February, and average prices hit new highs, according to statistics released by The Canadian Real Estate Association. According to CREA's statistics, seasonally adjusted MLS home sales in February rose by two-tenths of a percentage point to 41,555 units compared to the previous month. A monthly increase in sales activity in Ontario and Quebec more than offset a decline in transactions in British Columbia. The number of MLS home sales in the first two months of 2006 are running 10.7 percent ahead of levels posted during the same period last year, CREA reported. Sales activity reached its highest monthly level on record in Alberta, and set new records for the month of February on a national basis and in Manitoba, Ontario, New Brunswick, Nova Scotia, and Newfoundland. Seasonally adjusted MLS residential new listings declined by one half of a percentage ...

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