Industry News

Canadian real estate sales grow

Annual home-price appreciation to fall below 5% this year

Canada's major-market home sales rose 0.2 percent in January on a seasonally adjusted basis from the previous month, according to The Canadian Real Estate Association. Seasonally adjusted existing-home sales numbered 25,639 units in January, up from 25,595 for the previous month and 3.4 percent higher than in January 2004. New listings rebounded in January, having jumped 9.4 percent compared to December 2004. The rise in new listings extended the trend toward a more balanced resale housing market that began early last year. With the resale housing market becoming more balanced, price increases are becoming smaller. The MLS residential average price for major markets in January 2005 climbed 7.6 percent year-over-year. "More new listings means a greater selection of homes in many regions, which is good news for home buyers," said CREA's chief executive officer, Pierre Beauchamp. According to MLS reports from real estate boards across Canada, existing-home sales set a new recor...