Industry News

Canadian resale real estate smashes records

Market posts big gains in sales, prices, inventory

Fueled by record activity in Alberta and Newfoundland, and by strong activity in Ontario, national sales of existing homes via the Multiple Listing Service rose to their fifth-highest seasonally adjusted monthly level on record in January, The Canadian Real Estate Association reported. According to CREA's statistics, a seasonally adjusted total of 41,347 units were sold through MLS in January, up 2.7 percent from the 40,265 sales recorded during the previous month. Sales activity reached its highest monthly level on record in Alberta and Newfoundland, CREA reported. Activity also set records for the month of January nationally, and in British Columbia and New Brunswick. Seasonally adjusted activity in January was also just 3.3 percent lower than the highest monthly level on record, which was reached in August 2005. The national MLS residential average price hit $258,274 in January to reach its highest level on record. Average price was up 12.6 percent compared to January 20...