OTTAWA, March 15 /CNW/ - According to statistics released today by The
Canadian Real Estate Association (CREA), national resale housing
activity in February 2011 ran close to the five-year average for the
month, continuing a theme that has characterized the past four months.
Actual (not seasonally adjusted) national sales activity via the
Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards
came in 5.9 per cent below levels reported last February. This marks
the smallest year-over-year decline in nine months, and the fourth
consecutive month in which sales activity was on par with the five-year
average for that month.
Seasonally adjusted home sales activity edged down 1.6 per cent in
February 2011 compared to the previous month on a national basis. Sales
activity eased in almost two-thirds of all local markets from the
previous month, offsetting monthly increases in activity among other
markets including Vancouver and Calgary.
Nationally, new listings in February edged up 1.5 per cent from the
previous month on a seasonally adjusted basis, which builds on the 4.3
per cent monthly increase in January. The rise in new listings is
consistent with CREA's expectation that many sellers, who shied away
from listing their home last summer when the national housing market
softened, would list their home in early 2011, having by now observed
improved demand and stable prices.
With both sales activity and new supply little changed in February, the
housing market remained firmly in balanced territory. The national
sales-to-new listings ratio, a measure of market balance, stood at 53.5
per cent in February. This is little changed from the previous four
"Most local housing markets in Canada are well balanced, but there are
still a number of buyers' and sellers' markets," said Georges Pahud,
CREA's President. "Housing market trends often evolve and diverge from
national trends due to local factors, so buyers and sellers should
consult their local REALTOR® to understand how the housing market is
shaping up where they live."
The number of months of inventory represents the number of months it
takes to sell current inventory at the current rate of sales activity,
and is another measure of the balance between housing supply and
demand. The seasonally adjusted number of months of inventory stood at
5.7 months at the end of February on a national basis. This is little
changed from the 5.5 months reported in January, when it reached the
lowest level since last April.
The national average price for homes sold in February 2011 rose 8.8 per
cent year-over-year to $365,192. "The average price has been skewed
higher nationally and in British Columbia recently by a record number
of multi-million dollar sales in a couple of areas in Greater
Vancouver," said Gregory Klump, CREA's Chief Economist.
"When you take Vancouver out of the equation, the year-over-year
increase in the national average price drops to 3.4 per cent," added
Klump. "While that's still stronger than in the past six months or so,
national average price gains may recede after tighter mortgage
regulations take effect in March."
PLEASE NOTE: The information contained in this news release combines
both major market and national MLS® sales information from the previous month.
CREA cautions that average price information can be useful in
establishing trends over time, but does not indicate actual prices in
centres comprised of widely divergent neighborhoods or account for
price differential between geographic areas. Statistical information
contained in this report includes all housing types.
MLS® is a co-operative marketing system used only by Canada's real
estate Boards to ensure maximum exposure of properties listed for sale.
The Canadian Real Estate Association (CREA) is one of Canada's largest
single-industry trade associations, representing more than 99,000
REALTORS® working through more than 100 real estate Boards and
Further information can be found at http://www.crea.ca/public/news_stats/media.htm
SOURCE Canadian Real Estate Association
For further information:
Pierre Leduc, Media relations
The Canadian Real Estate Association
P: 613-237-7111 or 613-447-4532