Prices stabilizing across Canada | #Toronto #realestate

Prices stabilizing across Canada

Calgary sales show modest improvement

The number of resale homes changing hands across Canada in September was down nearly 20 per cent compared to the same month a year ago, says a realtor group.

Sales activity came in 19.8 per cent below last year’s record for the month — but stands only slightly below September sales in the previous three years, says the Canadian Real Estate Association.

Record sales activity late last year and earlier this year is expected to further stretch comparisons in the months ahead, says the association.

While sales decreased, the number of new residential listings on the MLS system saw little change from August, edging up less than one per cent on a seasonally adjusted basis.

New listings remain 15 per cent below the recent peak reached last April.

The national price trend continues to stabilize.

At $331,089, the national average price last month remained on par with where it stood during the same month a year ago.

September marks the second consecutive month in which average prices remained even with year-ago levels.

“Supply and demand are rebalancing and that’s keeping prices steady in many markets,” says president Georges Pahud of CREA in a news release.

The Calgary Real Estate Board reported sales of detached singlefamily homes inside the city reached 958 in September — down almost 24 per cent from the same month in 2009.

In terms of resale condos, sales totalled 366 — down 37 per cent from a year ago.

Listings of detached single-family homes were up more than 21 per cent for the month, while condo listings fell two per cent.

The average selling price of homes in Calgary in September was nearly unchanged from the previous year at $460,278, while the condo average fell back by two per cent to $284,028.

“There are signs that September may mark a gradual, if not slight, uptick for Calgary’s housing market,” says CREB president Diane Scott. “We are seeing a modest improvement since the market’s decline that really started in April of this year.”

Looking at the national resale housing activity from a seasonally-adjusted perspective, it edged higher for a second consecutive month in September.

Seasonally-adjusted national home sales activity was up three per cent month-over-month in September.

Rising on a monthly increase in sales activity in August, sales in September reached their highest level since last May.

Two-thirds of local markets posted monthly increases in seasonally-adjusted activity, led by Winnipeg, Calgary and Montreal.

“Mortgage lending rates eased in the third quarter, which helped support sales activity over the past couple of months,” says chief economist Gregory Klump of CREA in a news release.

“Interest rates are going nowhere fast, so home ownership will remain within reach for many homebuyers.”




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

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