More than half a million homes sold via MLS in 2007

January 29, 2008 · Filed Under Market Trends, Real Estate Articles and St. John's Real Estate 

National MLS® resale housing activity, new listings, average price and dollar volume all reached their highest annual levels ever in 2007, according to statistics released by The Canadian Real Estate Association (CREA).

Annual sales activity totaled 520,747 units in 2007, up 7.6 per cent from 2006 levels. This was the largest annual sales growth since 2002, and the first time transactions via the MLS® systems of real estate boards in Canada have surpassed 500,000 units sold in one year.

MLS® sales activity set new annual records in Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador. Saskatchewan posted the biggest annual increases in activity, up 31.9 per cent from 2006. Activity also rose 26.4 per cent in Newfoundland and Labrador, and climbed 18.6 per cent in Prince Edward Island.

The national MLS® residential average price continues to climb. It set a new annual record in 2007, rising 11.0 per cent. In the fourth quarter, it rose 12.1 per cent year-over-year to $314,591. On a monthly basis, average price rose 14.1 per cent year-over-year to $317,825 in December – a new record, and the largest year-over-year price increase in almost 20 years.

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