Figures
released by real estate boards around the country are showing a
positive upward trend in sales driven by improved affordability and
less uncertainty about the future.
"Home sales have bounced back from the extraordinarily low levels
recorded during the winter months," said Cameron Muir, BCREA Chief
Economist. "Improved affordability and less uncertainty about the
future are the main factors driving home sales higher."
“This was the best May on record for residential resale home sales
in Ottawa,” said Board President Rick Snell. “Homes in every price
range are selling well, from starter homes to luxury properties.
Homebuyers and sellers are showing a lot of confidence in the Ottawa
real estate market,” he added.
“We're now seeing greater balance in the housing market than what we
have over the last while," says Linda Smardon, President of the Nova
Scotia Association of REALTORS®. “The bridge between buyer demand and
housing supply is continuing to narrow, which helps maintain stability
in housing prices," she adds.
Below is a brief summary of sales activities in some areas across the country:
Alberta - Housing sales continue to trend upward
Calgary, June 1, 2009 – According to figures
released by the Calgary Real Estate Board, 1,584 homes was sold in the
Calgary metro area in May. This is a 23% increase on sales in April.
“The spring market has received an added boost from a growing number
of first-time buyers entering the market,” says Bonnie Wegerich,
President of the Calgary Real Estate Board.
In the month of May, homes in Calgary metro priced at $400,000 or
less accounted for nearly 70% of all home re-sales. “We are seeing the
first year-over-year gain in single family home sales since last
September,” says Wegerich. “A pent up demand has been building—with
many first-time home buyers now taking advantage of affordable prices,
record low interest rates and federal government housing incentives,”
added Wegerich.
The average price of a single family Calgary metro home in May 2009
was $436,427, showing an increase of 2% from April 2009, when the
average price was $426,311, and showing a decrease of 9% from May 2008,
when the average price was $479,564. The average price of a Calgary
metro condominium was $275,212, showing a 1% decrease from April 2009,
when the average price was $277,953, and a decrease of 12% over last
year, when the average price was $311,816.
“The gap between supply and demand at the end of last year was
pushing prices down,” says Wegerich. “But since December we have seen
five consecutive months of increases in home sales, while inventory
continues to trend lower. The gap has narrowed and prices are
stabilizing.” Single family Calgary metro new listings added for the
month of May totalled 2,235, up 11% from the 2,010 new listings added
in April 2009, and showing a decrease of 35% from May 2008, when 3,432
new listings came to the market.
British Columbia - Home sales continue to climb
Vancouver, June 11, 2009 – The British Columbia
Real Estate Association (BCREA) reported that Multiple Listing Service
(MLS®) residential sales in the province rose 3% to 8,270 units in May
2009 compared to the same month last year. It was the first
year-over-year increase since December 2007. The month of May also
posted the highest number of residential sales since April 2008, on a
seasonally adjusted basis, and was the fourth consecutive month of
rising home sales.
"Home sales have bounced back from the extraordinarily low levels
recorded during the winter months," said Cameron Muir, BCREA Chief
Economist. "Improved affordability and less uncertainty about the
future are the main factors driving home sales higher."
"The combination of stronger consumer demand and fewer homes for
sale is stabilizing home prices in many BC markets," added Muir.
Year-to-date, MLS® residential sales dollar volume was down 31% to
$11.7 billion over the same period last year. A total of 26,359 units
were sold in the first five months of 2009, down 26% from 2008, while
the average MLS® price declined 7% to $443,252.
Nova Scotia - Average price of homes rises to new record in April
Nova Scotia, May 22, 2009 – The average price of
residential properties in Nova Scotia climbed to its highest level on
record in April 2009. According to statistics provided by the Nova
Scotia Association of REALTORS®, the average price for residential
properties sold through the MLS® system in Nova Scotia was $206,668, a
5.4% increase over April of 2008.
The national average price was down 3.2% year-over-year. The average
price in Halifax-Dartmouth, where homes are more expensive than in
other markets in the province, rose by 6%. The increase in average
price was greatest in the Annapolis Valley region at 15%, followed by
the South Shore at 11%.
“The pricing trends indicate that consumers still have confidence in
our housing market,” says Linda Smardon, President of the Nova Scotia
Association of REALTORS®.
The number and value of sales were down in April 2009 when compared
to April 2008. A total of 857 houses traded hands via the MLS® system
in Nova Scotia, a 27% decline in sales activity. The value of all MLS®
residential property sales in Nova Scotia decreased by 23%.
New listings posted their fourth consecutive year-over-year decline in April 2009, down 7% from year-ago levels.
“We're now seeing greater balance in the housing market than what we
have over the last while," says Smardon. “The bridge between buyer
demand and housing supply is continuing to narrow, which helps maintain
stability in housing prices," she adds.
Active listings continue to rise in Nova Scotia, but year-over-year
gains are slowing as new listings trend lower. The number of active
residential listings increased by 9% which is the smallest
year-over-year increase in 11 months.
Ontario - Record-breaking number of resale homes sold in May
Toronto, June 2, 2009 – Greater Toronto REALTORS®
reported 9,589 sales in May which is almost 2% up from May 2008—the
first annual increase since December 2007.
“The resale housing market in the GTA has remained resilient in the
face of challenging times globally,” according to TREB President
Maureen O’Neill. “Many home buyers have taken advantage of extremely
low mortgage rates.”
The average price for May transactions was $395,609—down less than 1% compared to the same month last year.
“The average resale home price has moved in line with last year’s
level because of tighter market conditions experienced this Spring,”
stated Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home
sales have increased strongly relative to new listings, bolstering home
prices.”
Ottawa, June 3, 2009 – Members of the Ottawa Real Estate Board sold
1,969 residential properties in May through the Board’s Multiple
Listing Service® system compared with 1,896 in May 2008, an increase of
3.9%. That number also represents a 19% increase over the 1,594 sales
recorded in April 2009.
Of those sales, 348 were in the condominium property class, while
1,621 were in the residential property class. The condominium property
class includes any property, regardless of style (i.e., detached,
semi-detached, apartment, etc.) which is registered as a condominium,
as well as properties which are co-operatives, life leases and
timeshares. The residential property class includes all other
residential properties.
“This was the best May on record for residential resale home sales
in Ottawa,” said Board President Rick Snell. “Homes in every price
range are selling well, from starter homes to luxury properties.
Homebuyers and sellers are showing a lot of confidence in the Ottawa
real estate market,” he added.
The average sale price of
residential properties, including condominiums, sold in May in the
Ottawa area was $312,045, an increase of 5.3% over May 2008. The
average sale price for a condominium-class property was $231,351, an
increase of 4.6% over May 2008.
The average sale price of a residential-class property was $329,368,
an increase of 4.7% over May 2008. The Board cautions that average sale
price information can be useful in establishing trends over time but
should not be used as an indicator that specific properties have
increased or decreased in value. The average sale price is calculated
based on the total dollar volume of all properties sold.