Canadian Home Sales Continue Upward Climb

Canadian Home Sales Continue Upward Climb

According to statistics released¹ on March 15th, 2012 by The Canadian Real Estate Association (CREA) national resale housing activity improved in February after having declined in January.

Highlights from the report:

• Home sales rose 1.4% from January to February.
• Actual (not seasonally adjusted) activity was up 8.6% from February 2011 levels.
• The number of newly listed homes climbed 1.9% from January to February.
• The national sales-to-new listings ratio was little changed, remaining firmly in balanced territory.
• The national average home price advanced 2.0% on a year-over-year basis in February.

The above chart depicts the percentage of all housing markets by classification:
Balanced 40 to 60%, Sellers above 60% and Buyers below 40%
In February 60.4% of the markets were balanced.

While sales and new listings rose, the national sales to new listings ratio was little changed
in February at 53.3% compared to 53.6% in January

 “In February 2011, the national average price was stretched upward by a spike in high-end home sales in some of Vancouver’s priciest neighbourhoods, and a replay of that was not expected this year,” said Gregory Klump, CREA’s Chief Economist. “February’s data bear this out, but other factors are now keeping the national average price aloft. The main one is the housing market in Toronto, where a tight balance between supply and demand continues to drive some of the strongest home price gains in the country, particularly for single detached properties.”

¹ All figures in this release except average price are seasonally adjusted. Removing normal seasonal variations enables meaningful analysis of monthly changes and fundamental trends. 

PLEASE NOTE: The information above 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 100,000 REALTORS^® working through more than 100 real estate Boards and Associations.

For more information, please Visit:
http://creastats.crea.ca/natl/

The Real Estate Market Is Local
and sometimes hyper-Local

While Charts and Graphs can give you an indication of market trends they should not be used to determine value trends in relation to a particular home or vicinity. The best way to determine the Value of Your Home is a Comparative Market Analysis. To discuss today's local Uxbridge Real Estate Market Conditions, the current value of your home or the marketing of your Home please give me a Call or Text me

"The study showed that unlike the United States, Canadian real estate agents are fairly optimistic about 2012. the Canadian real estate agents who took part in the survey believe that all core metrics of the Canadian real estate market and economy will be increasing in 2012. Real estate values, real estate transactions, new construction starts, and the local economy are project to increase slightly in 2012. Canada continues to have a strong banking system, a strong dollar, and low unemployment. Interest rates are low, spurring international investment in Canada.. Canadian confidence continues to be high. Job growth is being driven by the energy industry in Canada."

(Click on the image for high resolution image)