Industry News

Canada’s housing market braces for soft landing

Record inventory puts brakes on sales, prices

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Existing-home sales in Canada fell 6.7 percent below their year-ago level in September, as for-sale inventory rose to a new high, according to seasonally adjusted figures provided by the Canadian Real Estate Association. According to the Multiple Listing Service, some 38,890 homes were sold on a seasonally adjusted basis last month, down from 41,699 sales in September 2005. Sales sank 1.9 percent from the previous month, as activity slowed considerably in British Columbia, Ontario and Quebec, despite Saskatchewan posting its best sales month ever, CREA reported. Seasonally adjusted new MLS residential listings reached a record 68,872 in September, up 4.8 percent from the same month last year. Last month's growth in new listings rose by 2.3 percent from levels recorded in August, due to increases in Alberta, where listings hit a monthly high, and Ontario, where listings nailed a 16-year high. The national MLS residential average price rose 9.3 percent year-over-year to $277,470 in Sep...