Industry News

Real estate sales slow in Canada

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The Canadian Real Estate Association reported today that home sales activity via the nation's Multiple Listing Service dropped 4.1 percent in July 2006 compared to July 2005, and fell 2.9 percent compared to June. "The monthly decline in sales activity was largely the result of fewer transactions in Vancouver and Calgary, which more than offset smaller monthly increases in Edmonton and a number of other major markets," the association reported. Sales activity reached 27,231 units in July, and year-to-date transactions in July were 2.6 percent ahead of levels posted for the first seven months of 2005. Year-to-date activity reached the highest level on record in Calgary, Edmonton, Saskatoon, Winnipeg, Ottawa, Montreal, Saint John, among other major markets, the association reported. Seasonally adjusted MLS residential new listings numbered 47,557 units in July, which represents a 1.9 percent increase from June and is the highest level in about 15 years. "The monthly decline in sales and...