Industry News

Canadian home sales lose steam

As inventory grows, smaller price gains expected

Resale housing in Canada's major markets experienced cooling in October, as the massive supply of homes for sale gave buyers more time to gauge the market, according to statistics released Thursday by The Canadian Real Estate Association. Seasonally adjusted home sales activity via the Multiple Listing Service (MLS) in Canada's major markets numbered 27,225 units in October 2006, down 3.7 percent from a year earlier. Although sales reached their highest monthly level ever in Edmonton and Saskatoon, sales were down in Vancouver, Calgary, Ottawa and Montreal. The MLS residential average price in Canada's major markets increased to $263,148 (in current U.S. dollars) last month, a gain of 9.6 percent from a year ago. Average price set new monthly records in Vancouver, Calgary, and Saskatoon. According to unadjusted MLS data, some 47,744 new residential listings came on the market in October, up 10 percent from their year-ago level, which helped to tip market balance in favor of buyers. "...

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