Fewer new MLS(R) home listings in August

    OTTAWA, Sept. 30 /CNW Telbec/ - The number of properties listed via the
MLS(R) systems of real estate boards in Canada retreated in August 2008 from
record levels in the previous four months, according to statistics released
today by The Canadian Real Estate Association (CREA). With new listings down
from the recent peak, the resale housing market is stabilizing in most
    "These days, REALTORS(R) in Canada face a lot of questions about the real
estate market, real estate price bubbles, and the value of a home. That's
because we are at the end of an unusually active period in Canadian real
estate - 2007 was a record year for many of the things we use to monitor the
real estate market, including the average MLS(R) residential price," said the
President of The Canadian Real Estate Association, Calvin Lindberg.
    "We must remember that all markets go through cycles, and remember that
the national housing market is actually made up of different communities. Real
estate markets are local, and every community, and every area, is different in
terms of trends and pricing," the CREA President added.
    "Slower activity in some of Canada's pricier housing markets compared to
year-ago levels will continue weighing on the national average price,"
explains CREA Chief Economist Gregory Klump.
    "As our analysis shows, the Canadian housing market is stable and home
sellers are not under pressure to sell. This is in stark contrast to the U.S.
housing market, where there are a large number of distress sales. In Canada,
with price gains diminishing and homebuyers taking more time to shop, the
number of active MLS(R) listings may continue to ease so the Canadian housing
market would stabilize further."
    The detailed statistical analysis for all MLS(R) activity in Canada is
attached as reference. The average price information quoted 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
differentials between geographic areas.

    A brief video broadcast about this housing market information featuring
CREA President Calvin Lindberg and CREA Chief Economist Gregory Klump are
available on www.crea.ca. You can also subscribe to CREA's RSS feed for the
latest news and information about the existing housing market in Canada,
published by CREA.

For further information:

For further information: Gregory Klump, CREA Chief Economist, (613)
237-7111, (613) 218-7896, gklump@crea.ca; Bob Linney, CREA Communications
Director, (613) 237-7111, (613) 301-2219, rlinney@crea.ca

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