Industry News

Canadian real estate sales sink

Average home price posts biggest increase in 2 years

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Canadian existing-home sales activity via the Multiple Listing Service decreased slightly in April from their year-ago level, as home prices hit new highs, according to statistics released by The Canadian Real Estate Association. A total of 39,912 homes were sold through the MLS last month, down 0.5 percent compared with April 2005, CREA reported. Sales activity set new records for the month of April in Alberta, Quebec, New Brunswick and Prince Edward Island, and surpassed all previous records for the first four months of the year in Alberta, Manitoba, New Brunswick, Prince Edward Island and Newfoundland. Compared to March 2006, seasonally adjusted sales activity retreated by 3.6 percent in April, CREA reported. A monthly increase in sales activity in Saskatchewan, Manitoba, Quebec and Newfoundland was offset by fewer transactions in other provinces, led by Ontario. The national MLS residential average price rose 12.9 percent year-over-year to $280,740 in April. The represe...