MLS housing market more balanced in January

February 21, 2008 · Filed Under Market Trends, Monthly MLS Stats and St. John's Real Estate 

MLS® residential new listings in Canada’s major markets surged to a new record in January 2008, according to statistics released by The Canadian Real Estate Association (CREA). This made the MLS® resale housing market more balanced in January 2008 than at any other point in the past seven years.Seasonally adjusted MLS® sales activity edged 0.4 per cent lower from the previous month to 28,911 units in January. The small monthly decline reflects fewer sales in Toronto, Calgary, London & St. Thomas, Vancouver, St. Catharines, Halifax and Victoria, offset by a monthly rise in real estate activity in Winnipeg, Edmonton, Saskatoon, Regina, Newfoundland and Labrador, and Ottawa.

Seasonally adjusted transactions in January broke all previous monthly records in Regina and Saskatoon, and reached the second highest monthly level ever for Newfoundland and Labrador real estate.

Record level activity in Regina and Saskatoon made them the tightest major markets in January. The market also tightened in Saint John, Newfoundland and Labrador and Windsor compared to December levels, while becoming more balanced in all other major markets. Edmonton, Calgary and Windsor remain the most balanced major markets.

A more balanced market saw smaller price increases in some markets. The major market MLS® residential average price rose 8.6 per cent year-over-year to $325,183 in January 2008. This is the smallest year-over-year price increase since December 2006.

However, the average price reached new heights in a number of major markets in January, including Victoria, Saskatoon, Kitchener-Waterloo, London & St. Thomas, Sudbury, Ottawa and Saint John.

“The January MLS® reports again show how the Canadian housing market is different than the market in the United States,” says CREA President Ann Bosley. “CREA had expected the growth in average price to slow in 2008, which is reflected in many markets. Sales levels are returning to what we would consider, on an historical basis, as more normal activity.”

Tags: , , ,

Comments

Leave a Reply