Each month, The Canadian Real Estate Association compiles the statistics of existing homes and properties sold through the Multiple Listing Service®. This provides an overview of the existing housing market in Canada, and tracks market trends for prices and properties sold in each of the respective provinces.
The following table will show the latest statistics for major markets across Canada, based on the MLS® reports provided by local real estate Boards. The latest average home prices are listed from East to West. Newfoundland has led the group with a 29% growth in average home prices year over year.
| Province | Feb-08 | Feb-09 | Year over Year |
| Newfoundland | $ 151,244.00 | $ 195,072.00 | 28.98% |
| Nova Scotia | $ 188,110.00 | $ 187,688.00 | -0.22% |
| Prince Edward Island | $ 131,594.00 | $ 131,911.00 | 0.24% |
| New Brunswick | $ 143,207.00 | $ 147,575.00 | 3.05% |
| Quebec | $ 204,661.00 | $ 207,927.00 | 1.60% |
| Ontario | $ 304,322.00 | $ 284,843.00 | -6.40% |
| Manitoba | $ 173,809.00 | $ 188,795.00 | 8.62% |
| Saskatchewan | $ 209,702.00 | $ 227,382.00 | 8.43% |
| Alberta | $ 359,953.00 | $ 326,785.00 | -9.21% |
| British Columbia | $ 478,172.00 | $ 421,023.00 | -11.95% |
| North West Territories | $ 314,550.00 | $ 329,491.00 | 4.75% |
| Yukon | $ 267,261.00 | $ 267,192.00 | -0.03% |
| National Average | $ 310,379.00 | $ 281,972.00 | -9.15% |
According to CMHC, the resale housing activity in Canada in February 2009 was up from seasonally adjusted levels the previous month. The Canadian Real Estate Association (CREA) released the following numbers.
A total of 28,669 homes traded hands through the Multiple Listing Service® (MLS®) nationally in February 2009. This is 8.6 per cent above seasonally adjusted levels in January 2009, and the first monthly increase in activity since September 2008. Seasonally adjusted activity in February also surpassed levels reported in November and December of 2008.
Monthly seasonal increases in activity were largest in British Columbia (14.4 per cent), Nova Scotia (12.7 per cent), and Alberta (11.9 per cent). In Ontario and Quebec, the monthly rise was on par with the national increase.
It is common to see the spring market activity rise in all provinces in Canada. As well, we are benefiting from historically low mortgage rates and improved affordability in some markets. As spring weather rarely begins in Newfoundland until April or May, it is likely that the demand for real estate in Newfoundland will similarly rise on a monthly seasonally adjusted basis once the days for house hunting warm up.
For further information see the news release from CREA for March 16th, 2009.
R. Greg Osmond is a Platinum Award winning Realtor serving St. John's and surrounding areas, Newfoundland and Labrador for over 20 years and can be reached at 709-895-2500. Visit http://www.rgregosmond.com/ for further information. Find him on facebook and be a friend.
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