Canadian homes sell at record pace through July 2009

The Canadian Real Estate Association (CREA) is claiming a Canadian home sales record has been broken as real estate boards across the country reported more than 50,000 home sales for the first time during any July on record.

According to statistics released by The Canadian Real Estate Association (CREA), a total of 50,270 homes traded hands via the Multiple Listing Service® (MLS®) of Canadian real estate boards in July 2009. This is up 18.2 per cent from the same month last year, and stands 3.9 per cent above the previous record for the month of July set back in 2007.

On a seasonally adjusted basis, national MLS® home sales posted a sixth consecutive month-over-month increase in July, climbing 2.5 per cent from June to reach 42,539 units. Seasonally adjusted activity now stands 61.2 per cent above the decade-low in January, and just 1.4 per cent below the all-time peak May 2007.

Similarly, the national average selling price moved up rising 7.6% over the same month last year while CREA warns that a sharp rebound in demand experienced “in some of Canada’s most expensive markets is skewing the national average price upward, just as a sharp decline in activity in these markets skewed the average lower in late 2008.”

The complete media release and a detailed overview of the statistics from major markets across the country can be found here.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

Canadian house prices see first quarterly drop in nine years: CREA

Media release from the Canadian Real Estate Association yesterday.

“Over the past six months, easing sales activity and a surge in new listings caused the resale housing market to become considerably more balanced in many major housing markets. Vancouver, Regina, and Saskatoon were the most balanced major markets in June.”

Read CREA’s release here.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon sees record real estate listing activity

Though almost everything that could be said about this topic has already been said, I thought I’d better bring the latest news release from the Canadian Real Estate Association (CREA) to the front page, lest I be accused of covering up the bad news. 🙂


In a press release issued Friday, CREA notes that new listing records have been set in Saskatoon for two consecutive months. May saw new listing activity reach 1,015 units compared to 706 properties that were listed in May 2007. Saskatoon’s total active listings inventory grew to an all time high of 1,154 properties by the close of May.


In an interview with Joanne Paulson of the Star Phoenix, CREA economist Gregory Klump describes recent changes as a “very dramatic evolution of the market.”


“The price increases that Saskatoon has seen are in the rearview mirror,” said Klump. You’re still going to get high year-over-year increases, but they’re going to shrink.


“That reflects the reality that the market is much more balanced than it has been for quite some time.”

Listing activity in Saskatoon and Regina saw the largest year-over-year increases compared to other major real estate markets across the nation, but it follows a trend that other western cities started to experience over a year ago. Nationally, new listing activity jumped seven percent to 67,628 units through May but ballooning inventory levels are causing the biggest problems in Calgary and Edmonton where average selling prices have fallen 2.4% and 4.8% respectively since this time last year.


For reasons that he doesn’t explain, Klump sees prices continuing to “rise at a slower pace,” and notes that CREA is “not forecasting price declines in Saskatchewan.”


Read Joanne’s Star Phoenix story here.

Read the Globe and Mail report here. (Thanks Crikey)

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

Canadian housing boom over

This from today’s Globe and Mail.

It’s time for Canadians to bid the housing boom farewell as data for the first quarter of the year, released Thursday by the Canadian Real Estate Association (CREA), showed a 13 per cent tumble in existing home sales year-to-date.

“Canada’s six-year housing market boom is officially over. Aside from a few choice Prairie locales, sales are melting faster than this year’s snow pack,” Douglas Porter, deputy chief economist at BMO Nesbitt Burns Inc., said in a research note.

Double-digit declines in sales activity in “more markets than you can shake a stick at,” suggest the weakness has spread across Canada rather than being centered in any specific market, Mr. Porter said in an interview.

Read the full story here.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

MLS home sales slow nationally in February 2008: CREA

Residential real estate sales softened nationally in February, edging down 6.4% from January, and 9.6% compared to February 2007 according to the Canadian Real Estate Association (CREA).


“Snowfall in Toronto made it tough to show prospective buyers, and tough to process a listing,” said CREA President Ann Bosley. “It was one of the toughest months ever weather wise for REALTORS® in Toronto.” (Brilliant guys!)


Seasonally adjusted residential sales activity declined by more than new listings, making the resale housing market more balanced in February 2008 than in any other month in over nine years.

A monthly decline in sales activity coupled with strong gains in new listings caused resale housing markets to become significantly more balanced in February in Regina, Saskatoon and Newfoundland & Labrador, which had been the three tightest major markets in January. Edmonton, Calgary and Windsor remain the most balanced major markets, while Saskatoon and Winnipeg are now the tightest.


“More balanced” in Regina and Saskatoon? Hmmm.


Read CREA’s press release here.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate