Canadian Real Estate Market Improving

Canadian Resale Market Shows Further Improvement

National resale housing activity in Canada continued its upward climb in January 2011, according to statistics released mid-February by The Canadian Real Estate Association (CREA).

Seasonally adjusted national home sales activity rose 4.5% in January 2011 compared to the previous month, reaching the highest level since April 2010. Led by Vancouver and Toronto, seasonally adjusted sales activity posted monthly gains in more than half of all local Canadian markets in January. National sales activity has improved steadily since last summer, and now stands almost 25% above the low point reached in July 2010.

“We anticipated the recent announcement of tighter mortgage regulations, which will come into effect this March, would pull forward sales activity into the first quarter of 2011, particularly in some of Canada’s more expensive housing markets,” said Gregory Klump, CREA’s Chief Economist. “The sharp rise in sales activity in Toronto following the announcement provides early evidence confirming this,” said Klump.

Sales activity has been on the rise and prices have been stable since last autumn, so CREA had been expecting potential sellers who shied away from the market last summer to begin listing their properties in early 2011. Because sales activity and new supply rose in tandem in January, the national resale housing market remained balanced. The national sales-to-new listings ratio, a measure of market balance, stood at 55.7% in January, which is little changed from the previous two months. Just over half of local markets in Canada were in balanced market territory.

Smiles,

Macarena

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