Blogs & Comment

Housing Market Rebounding?

The Canadian Real Estate Association(CREA) notes that “national resale housing market activity returned to pre-recession levels in May 2009” and that “year-over-year declines have been shrinking since the beginning of the year.” The average national sale price reached a new record of $319,757, up 0.4% from the previous record set in May 2008. In the 13 provincial, territorial and national markets, only B.C. and Alberta saw average price declines in May and each of these was less than the 2009 year-to-date numbers. Increased activity in some expensive markets had the effect of increasing average prices. A total of 49,521 units were sold in May 2009, down just 0.8% from a year earlier and about 70% of the major markets in Canada saw gains in monthly sales activity. In addition, there are fewer homes coming on the market. New listings declined to 65,070 units, the lowest since December 2005. With sales rising, listings falling and low mortgage rates, prices should be trending upwards.