Industry News

Canadian home sales on record pace in major markets

But sales slip 6.6% from a year ago

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The rate of existing-home sales fell 6.6 percent in August compared to August 2005 but rose 1.4 percent in the first eight months of the year compared to the same period in 2005, the Canadian Real Estate Association reported. Year-to-date sales activity reached the highest level on record in Calgary, Edmonton, Saskatoon, Winnipeg, Ottawa and Montreal, among other markets, the association reported. According to seasonally adjusted MLS data, there were 47,117 new residential listings in August -- nearly the highest level in about 15 years. "While additional listings are helping many local markets to become more balanced, listings remain in short supply in a number of markets in western Canada," according to the report. The MLS residential average price in Canada's major markets was about $261,434 (in current U.S. dollars) in August 2006, an 11.6 percent rise from August 2005 levels. Year-over-year price increases have remained in the double-digits for each of the first eight months of ...