Home sellers rush to market in record numbers. #realestate #Toronto #Ottawa #economy #finance #business

Home sellers rush to market in record numbers.

 

 
 
 

TORONTO – Realtors pounded a record number of for sale signs into Canadian lawns last month, something that is expected to cool down the red-hot housing market, the Canadian Real Estate Association said Thursday.

The Ottawa-based group, which represents more than 100 boards across the country, said there were 97,663 new listings in March, up 25 per cent from a year earlier. For the first quarter, 233,402 new listings have hit the market – the highest for any first quarter on record.

“Negotiations still favour sellers during the home-buying process in a number of major Canadian housing markets,” said Georges Pahud, CREA’s president. “The rise in new listings means that buyers may shop around more before making an offer.”

Even with the strong number of new listings, homes listed for sale across the Multiple Listing Service (MLS) were down nine per cent in March from a year earlier.

The number of months of inventory in the system, based on the present pace of actual sales, was 4.4 months in March. That figure was down from 6.7 months a year before.

Demand has come down slightly. There were 130,072 seasonally adjusted home sales on the first quarter, a 3.4 per cent decline from the previous quarter ago but still a 46.7 per cent increase from a year earlier.

New records for sale activity were set in Ontario, Quebec and Newfoundland in the first quarter. However, units sales declined in British Columbia 16.7 per cent from the fourth quarter and in Alberta 9.7 per cent.

Prices also continue to rise, albeit at a slower pace. The average price of a home sold across the country reached $340,920 last month, a 17.6 per cent increase from a year earlier and just $300 off the all-time peak reached in October 2009. In February, prices were up 18.2 per cent from a year before.

“The erosion of housing affordability is crimping activity in some of Canada’s priciest markets in the lower mainland of British Columbia,” said CREA chief economist Gregory Klump. “Higher mortgage interest rates and the rise in new listings may also soon reduce some of the urgency to purchase in Toronto.

“Sales activity in British Columbia and Ontario is expected to ease over the second half of 2010 once the HST comes into effect, pulling national activity lower. Rising supply and lower activity will take the steam out of the pricing environment, following upbeat home sales this spring.”

Canwest News Service

gmarr@nationalpost.com

Posted via web from Toronto Real Estate News, Blog

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About Tariq Sultan
Dear Readers, I am a dedicated Toronto, Ontario based real estate professional who has been successfully meeting and exceeding the needs of his clients for past several years. I am actively involved in the insurance, financing, and mortgage industry. Real estate is not only my career – it is my passion. I strive to continuously provide my clients with exceptional service to ensure they are fully satisfied when it comes to their real estate needs. For any real estate related inquires contact me today, I will be happy to assist you. Best wishes, Tariq Sultan

One Response to Home sellers rush to market in record numbers. #realestate #Toronto #Ottawa #economy #finance #business

  1. Pingback: Home sellers rush to market in record numbers. #realestate … Card on me

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