Canada home sales still strong

Tuesday, January 8, 2008

Canada home sales still strong

Canadian resale housing activity edged back in the third quarter of 2007 from its peak in the second quarter but remains very strong, according to statistics released by The Canadian Real Estate Association (CREA).

Sales activity totalled 129,451 units in the third quarter of 2007, a 3.2 per cent decline from the record set in the second quarter. The quarterly decline in activity reflects fewer sales in Alberta, Ontario and Quebec. Fewer transactions in those provinces more than offset a quarterly increase in activity in British Columbia.

Sales set new quarterly records in Nova Scotia, and Newfoundland and Labrador in the third quarter of 2007. In line with Canadian resale activity, sales reached their second highest quarterly level ever in Saskatchewan, Manitoba, Ontario and Quebec.

A total of 41,390 homes traded hands in Canada in September, a 3.7 per cent decline from August. Activity was down from August levels in British Columbia, Alberta, Saskatchewan, Ontario and Quebec.

The Canadian residential average price rose 11.7 per cent year-over-year in the third quarter to $308,543. Average price reached the highest quarterly level on record in British Columbia, Alberta, Saskatchewan, Prince Edward Island and Newfoundland and Labrador.