The Canadian Real Estate Association reported today that a seasonally adjusted 27,630 homes were sold via the Multiple Listing Service in the nation’s major markets in November 2006, down 5.6 percent compared to November 2005 and up 1.5 percent since October 2006.
For the first 11 months of the year, unit sales via the MLS in Canada’s major markets dropped 0.2 percent compared to the same period last year, while the average price of homes for the first 11 months of this year rose 10.7 percent compared to the same period last year.
The seasonally adjusted number of new listings, meanwhile, rose 4.7 percent for the first 11 months of the year compared to the same period last year.
The November 2006 average price, at $257,488 (in U.S. dollars at the current conversion rate) was 9.4 percent higher than the November 2005 average price.
“Activity rebounded strongly in Calgary and Victoria, and edged higher in Vancouver. Monthly increases in sales activity in those markets more than offset small monthly declines in Edmonton and in a number of major markets in Ontario,” the association reported. “Year-to-date activity reached the highest levels on record in Calgary, Edmonton, Saskatoon, Winnipeg, Ottawa, Montreal, and Quebec City.”
The average price in November set new monthly records in Victoria, Edmonton, Saskatoon, Sudbury, and St. John.
The seasonally adjusted number of MLS residential new listings numbered dropped from 48,001 units in October to 46,767 units in November, reflecting “a drop in new listings in Calgary, Vancouver, and Victoria,” the association reported.
“The resale housing market still has legs,” said Gregory Klump, CREA’s chief economist, in a statement. “Recent monthly declines in listings and the continuation of solid sales activity are keeping markets tight and fueling double-digit price increases in western markets. The contrast between western and central Canadian housing markets is forecast to persist next year.”