Industry News

Real estate prices still surging in Canada

Western markets continue to boom
Published on Dec 14, 2006

The Canadian Real Estate Association reported today that a seasonally adjusted 27,630 homes were sold via the Multiple Listing Service in the nation's major markets in November 2006, down 5.6 percent compared to November 2005 and up 1.5 percent since October 2006. For the first 11 months of the year, unit sales via the MLS in Canada's major markets dropped 0.2 percent compared to the same period last year, while the average price of homes for the first 11 months of this year rose 10.7 percent compared to the same period last year. The seasonally adjusted number of new listings, meanwhile, rose 4.7 percent for the first 11 months of the year compared to the same period last year. The November 2006 average price, at $257,488 (in U.S. dollars at the current conversion rate) was 9.4 percent higher than the November 2005 average price. "Activity rebounded strongly in Calgary and Victoria, and edged higher in Vancouver. Monthly increases in sales activity in those markets more than offset s...

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