Industry News

Canadian real estate shatters records

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Annual existing-home sales in Canada's 25 major markets for the year 2003 surpassed its previous record set in 2002. According to The Canadian Real Estate Association, major market home sales traded via the Multiple Listing Service totaled 307,505 units in 2003, representing an increase of 3.8 percent from the year before. Annual sales set new records in a number of large markets, including Vancouver, Toronto and Montreal. New listings reached their highest level since 1994, while the major market MLS residential average price of $222,702 represented an increase of 10 percent above its previous record in 2002. "Recent job growth and low interest rates will keep housing activity strong, but we cannot guarantee that annual sales will set another record this year," said Pierre Beauchamp, CREA's chief executive officer. "Higher prices, a further increase in new listings and more balanced market conditions may result in some buyers taking longer to make a purchase decision and cause...