National Housing Market Returning To Normal: Canadian Real Estate Association

The Canadian Real Estate Association announced yesterday that statistics show national resale housing activity has returned to normal levels after rising for another fourth straight month in November. November’s sales in 2010 were slightly above the average for the last four years.

November real estate sales were above the average of the last 4 years.

Most of Canada’s major markets saw increases in activity, including Toronto, which was up 6 per cent.

“An increase in new listings is likely to return many sellers markets to balanced territory over the coming months,” said the Canadian Real Estate Association’s chief economist in a press release. “With sales activity having returned to better health and a firm floor under prices, sellers who previously shied away from putting their home on the market are expected to list their home in response to improved housing demand in recent months,” he said.

New listings have slowed down and sales activity has improved, resulting in an overall balanced market. Since July of this year, sales have been increasing steadily but when the sales are compared with this time last year, the numbers are skewed and the improving sales are hidden between a year-over-year decrease due to last year’s record highs.

“Following the chilling lows at the onset of the recent recession and the dizzying heights during the subsequent recovery, the national housing market appears to be returning to some semblance of normalcy,” said the Canadian Real Estate Association.

Source: BLOGTorontoRealEstate.ca

9 Comments - Leave a comment
  1. Our local real estate market, Pensacola, FL, is not rebounding as rapidly as our northern neighbors, but we seem to have hit the bottom price-wise. We have also seen our inventory decline. As our interest rates rise we will see some who were waiting for bargains be priced out of the market.
    PensacolaHomes

  2. Sales are definatley down here in Halifax Year to date but we are expecting a better 2011. Happy Selling!! 🙂

  3. Halifax year according to sales are go down but sales will be show a good result.because the realstate launched the new list. I hope is will be attracted the realstate customer.realsate will get our old and more popularity.

  4. I’d like to say that you always offer valid information and I have been an fascinated reader of your site for quite some time. I wanted to say thankyou really 🙂 for all the good work you do!

  5. I think that it’s a good news for global real estate industry and a symptom of improvement in property business. Surely, it would have positive on other real estate industries of the world as well.

  6. excellent news! I am a homebuilder myself and might consider doing business in Canada, seems like the real estate market there is not in disarray like it is here in the US

  7. Cheers to Canada! May the sales continue to increase. Increase in sales has great effect for the country.

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