The resale housing market in Canada continues to reach new heights setting quarterly and year-to-date records for sales, listings, average price and dollar volume.

According to statistics released by The Canadian Real Estate Association (CREA), national MLS® home sales activity in the first half of 2007 rose by 8.2 per cent year-over-year to 287,862 units.

Activity set consecutive records for in the first and second quarters, and remains track to set a new annual record in 2007. Sales in the first half of this year ran ahead of levels for the same period last year in almost every province.

National MLS® residential sales activity, new listings, average prices and dollar volume all reached new heights in the second quarter of 2007.

Seasonally adjusted national MLS® home sales activity rose 3.3 per cent quarter-over-quarter to 133,612 units in the second quarter of 2007 to reach the highest quarterly level on record. New quarterly records for sales activity were set in Alberta, Saskatchewan, Manitoba, Ontario, Québec, New Brunswick and Nova Scotia.

Seasonally adjusted sales activity edged lower by 0.1 per cent to 44,907 units in June 2007, which was the second highest monthly level on record. Activity set a new monthly record in Québec, and reached the second highest monthly level on record in Saskatchewan, Manitoba, Ontario, and Newfoundland and Labrador.

The national MLS® residential average price was up by 10.3 per cent year-over-year in both the first half of the year and the second quarter of 2007. Average price reached the highest level for the first half of any year on record in every province.

The national MLS® residential average price rose 11.2 per cent year-over-year in June to $315,332. The represents a new monthly record, and is the strongest year-over-year increase since August 2006. Average price in June broke all previous monthly records in Alberta, Saskatchewan, Ontario, New Brunswick, Nova Scotia, and Newfoundland and Labrador.

Seasonally adjusted new MLS® listings totaled 214,127 units in the second quarter of 2007, and reached the highest level for the first half of any year and any quarter on record. The 4.8 per cent quarter-over-quarter increase in the second quarter was fuelled by a large rise in new listings in Alberta, and by smaller gains in British Columbia and Ontario. New listings also broke all previous quarterly records in British Columbia, Alberta, Ontario, New Brunswick, and Newfoundland and Labrador.

Seasonally adjusted new MLS® listings also shattered all previous monthly records in June, climbing 1.4 per cent above the previous record set in May.

The MLS® housing market remains tightest in Manitoba and Saskatchewan. A recent jump in new listings has made the market considerably more balanced. By contrast, the market has tightened in British Columbia, Manitoba, Ontario and Québec in recent months.

MLS® residential dollar volume reached new heights in both the first half of 2007 and the second quarter of 2007. The second quarter also marked the first time that quarterly dollar volume surpassed $40 billion. New quarterly records for dollar volume were also set in every province except Newfoundland and Labrador.

On a monthly basis, seasonally adjusted dollar volume was valued at $13.8 billion in June, which was 0.7 per cent higher than the previous record set in May.