Industry News

Resale real estate shatters records in Canada

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Existing-home sales in Canada's major markets in the first six months of 2006 surpassed all previous records for the first half of any year, as for-sale inventory hit an all-time high, according to statistics released by The Canadian Real Estate Association. Actual (unadjusted) home sales via the Multiple Listing Service (MLS) in Canada's major markets numbered 186,177 units in the first half of 2006, up 3.6 percent from the previous record for first-half activity set in 2005. Surging activity in Calgary and Edmonton remains the driving force behind the continuing strength of national residential sales activity, the association reported. New records for resale housing activity for the first half of the year were set in a number of major markets, including Calgary, Edmonton, Regina, Saskatoon, Winnipeg, London, Sudbury, Ottawa, Montreal and Quebec City. "With interest rates having peaked, strong employment and rising after-tax incomes will no doubt keep resale housing activi...