HLM Realties Ltd - Nova Scotia Real Estate News

Canadian home sales stable in July

2011-08-16T07:50:00.000-07:00

OTTAWA – August 16, 2011 – According to statistics¹ released today by The Canadian Real Estate Association (CREA), national resale housing activity was stable on a month-to-month basis in July following an uptick in June.

Highlights:
• Sales activity was stable from June to July, but posted a big year-over-year gain due to weakened demand in July 2010.
• Year-to-date sales continue to run in line with the ten-year average.
• The number of newly listed homes inched up by less than one per cent from June to July.
• The national housing market remains firmly entrenched in balanced territory.
• The national average price posted the largest year-over-year gain since April 2010, but was below where it stood in June.
• Upward skewing of the national average price is diminishing due to fewer expensive sales and a declining share of national activity in Vancouver and Toronto.

National home sales activity held steady in July 2011 compared to the previous month, with just over half of local markets posting month-over-month gains.

Major markets that saw gains compared to June include Edmonton, Montreal, as well as Newfoundland and Labrador. Activity also held steady in Toronto, while Vancouver recorded a small decline.

“The continued stability in national sales activity shows that homebuyers remain confident about the soundness of investing in a home,” said Gary Morse, CREA’s President. “Mortgage interest rates are low and keeping home affordability within reach, making it an excellent time for buyers to take advantage of very favourable financing. Prices and affordability evolve differently among local markets, so buyers and sellers should consult their local REALTOR® to better understand how the outlook for housing supply, demand, and prices is shaping up in their housing market.”

Actual (not seasonally adjusted) sales activity came in 12.3 per cent above national levels reported one year earlier. This increase reflects weakened activity in July 2010, when levels for the month reached their lowest point since 2002.

A total of 284,537 homes have traded hands via Canadian MLS® Systems so far this year. This stands just 1.6 per cent below levels in the first seven months of last year, and continues to run in line with the ten-year average.

The number of newly listed homes edged up by less than one per cent from June to July. New listings were down in 60 per cent of local markets, but increased in many large urban centres including Toronto, Vancouver, Edmonton, and Ottawa.

The national housing market remains firmly planted in balanced territory. The national sales-to-new listings ratio, a measure of market balance, stood at 51.8 per cent in July, which is little changed from 52.3 per cent in June.

Based on a sales-to-new listings ratio of between 40 to 60 percent, about three in every five local markets in Canada were balanced in July. Half of the remaining markets may be classified as sellers’ markets, with a sales-to-new listings ratio of above 60 per cent.

The number of months of inventory stood at 6.1 months at the end of July on a national basis, which is little changed from the end of June (6.0 months). The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is another measure of the balance between housing supply and demand.

The actual (not seasonally adjusted) national average price for homes sold in July 2011 stood at $361,181, which is the lowest level since January. While up 9.3 per cent from its year-ago level, the increase reflects a short-lived decline in the average price following the introduction of the HST in B.C. and Ontario, and tighter mortgage regulations earlier in 2010.

“Earlier this year, the national average price was being skewed upward by sales in some expensive Vancouver neighbourhoods, but this factor is now diminishing,” said Gregory Klump, CREA’s Chief Economist. “Upward skewing of the national average price is also shrinking due to overall sales trends in Vancouver, and most recently in Toronto. Their market shares as a percentage of provincial and national sales activity are declining from the elevated levels seen in the first half of the year.”

“Changes in the national average home price are open to being misinterpreted,” added Klump. “They often signify changes in the mix of sales activity across and within local markets, rather than a rising or falling price trend for typical homes in a specific market.”

“The national share of sales activity in some of Canada’s more expensive urban centres may retreat further from elevated levels recorded earlier this year, resulting in an easing trend for the national average home price,” he added. “Even so, the stability of Canada’s housing market will likely continue to stand in stark contrast to further expected volatility in financial markets.”

PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighborhoods or account for price differential between geographic areas.

Statistical information contained in this report includes all housing types.

MLS® is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 100,000 REALTORS® working through more than 100 real estate Boards and Associations.

Further information can be found athttp://www.crea.ca/public/news_stats/media.htm.

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For more information, please contact:
Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca

¹ All figures in this release, unless otherwise noted, are seasonally adjusted to remove normal seasonal variation. Removing regular seasonal variations enables analysis of monthly changes and fundamental trends in the data.

Canadian Home sales stable in May

2011-06-21T09:10:00.000-07:00

OTTAWA – June 15th, 2011 – According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity remained stable in May compared to April.

Highlights:
• Sales activity held steady from April to May, but posted the first year-over-year gain in over a year due to falling demand in May 2010.
• Year-to-date sales are in line with the ten-year average.
• New listings also remained stable from April to May.
• National housing market remains firmly entrenched in balanced territory.
• National average price is still being skewed upward by historically high sales activity in certain Vancouver
neighbourhoods.

Seasonally adjusted national home sales activityedged down by less than one per cent in May 2011 compared to the previous month. Among major markets were activity declines in Vancouver and Ottawa, offsetting gains in Edmonton and Toronto, where sales reached the second highest level on record for the month of May.

Actual (not seasonally adjusted) activity came in 2.7 per cent above levels reported last May. This was the first year-over-year increase in more than a year, reflecting falling sales activity in May 2010. Activityfell sharply last year between April and July, with May marking the mid-point of that slide. Although activity has been more stable this year, last year’s sales volatility is expected to continue to affect yearover-year comparisons in the months ahead.

A total of 196,749 homes have traded hands via Canadian MLS® Systems so far this year. This is in line with the ten-year average for year-to-date activity in May.

“The Canadian housing market has seen some big ups and downs in recent years, making national sales activity so far this year look like something of a Goldilocks story by comparison – not too hot, not too cold,” said Gary Morse, CREA’s President. “Since local housing market trends often differ from national trends, buyers and sellers should consult their local REALTOR® to understand how the housing market is shaping up where they live.”

Seasonally adjusted new residential listings were little changed from April to May, edging up one tenth of a percentage point. The number of newly listed homes fell in Vancouver, Fraser Valley and the Okanagan region in May, offsetting small gains in Toronto and Montreal.

With sales and new listings holding steady on a national basis in May, the resale housing market remained firmly planted in balanced territory. The national sales-to-new listings ratio, a measure of market balance, stood at 52.1 per cent in May, little changed from 52.5 per cent in April.

Based on a sales-to-new listings ratio of between 40 and 60 per cent, housing markets were balanced in 62 of 101 real estate boards in Canada. Less than half of the rest can be characterized as sellers’ markets, based on a ratio above 60 per cent. “For the most part, sellers’ markets became slightly more balanced than the previous month,” said Gregory Klump, CREA’s Chief Economist. “Toronto stood out as an exception, with sales activity there growing faster than new supply.”

The seasonally adjusted number of months of inventory stood at 6.1 months at the end of May on a national basis. This is little changed compared to the six months of inventory at the end of April 2011. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is another measure of the balance between housing supply and demand.

The national average price for homes sold in May 2011 was $376,817, up 8.6 per cent from the same month last year.

A number of compositional factors skewed the national average price upward in May. These factors include historically high sales activity in selected pricey Vancouver neighbourhoods and broadly based price gains in Toronto, where supply remains tight relative to demand. If Vancouver sales are excluded from the calculation, the year-over-year change in the national average price amounts to 5.6 per cent; excluding Toronto and Vancouver shrinks the increase to 3.7 per cent.

“Changes in the national average home price reflect variations in home sales activity across and within local markets,” said Klump. “Failure to recognize changes in the mix of sales activity can lead to misinterpretation of average price fluctuations. It can also give rise to faulty predictions of broadly based home price deflation by way of price correction.”

PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

Further information can be found at http://www.crea.ca/public/news_stats/media.htm.

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For more information, please contact:

Pierre Leduc, Media Relations
The Canadian Real Estate Association
P: 613-237-7111 or 613-884-1460
E: pleduc@crea.ca

Bank of Canada holds key rate at 1%

2011-06-01T12:50:00.001-07:00

In no rush to hike interest rates

The Bank of Canada held its trend-setting Bank Rate at 1.25 per cent on May 31, 2011. This marks the sixth consecutive policy rate announcement for which interest rates have been kept on hold.

The Bank now sees headline inflation as staying above 3 per cent in the short term. It nonetheless maintained its inflation outlook included in its April Montary Policy Update, which indicated that inflation in Canada would hit two per cent by mid-2012.

“The Bank sets rates based on an inflation target of between one and three per cent, and it normally leans against inflation by raising interest rates. Leaving rates on hold in the face of higher inflation will likely become a communication challenge for the Bank,” said Gregory Klump, Chief Economist for The Canadian Real Estate Association. “While the Bank said currently low interest rates will be raised ‘eventually’, there was little to suggest that the Bank is in any rush to do so.”

The Bank’s decision to keep its policy interest rates on hold follows recent comments by Finance Minister Jim Flaherty that he’s “quite worried” about the outlook for the global economy. However, while global risks and their potential impact on the Canadian economic outlook remain elevated, the Bank has given itself plenty of room to justify raising interest rates.

“The Bank said it anticipates inflation expectations to remain well-anchored. If these expecations drift higher, or if productivity fails to recover, the Bank’s hand may be forced where it will have little choice but to raise interest rates,” said Klump. “There is little doubt that higher interest rates are on the way, but what’s equally certain is they won’t be going up very far or very fast.”

Financial markets have recently increased bets that interest rates are on hold until at least September. The prevailing view among economists is that the Bank Rate will be no more than three-quarters of a percentage point above its current level of one per cent.

As of May 31, 2011, the advertised five-year lending rate stood at 5.59 per cent. This is down one-tenth of a percentage point from 5.64 per cent on April 12^th, when the Bank made its previous policy interest rate announcement.

The Bank will make its next scheduled rate announcement on July 19, 2011.

http://creastats.crea.ca/natl/interest_rate_trends.htm

(CREA 05/31/2011)

Source: CREA

Canadian home sales edge down in April

2011-05-26T11:16:00.000-07:00

Canadian home sales edge down in April

OTTAWA – May 17th, 2011 – Statistics released today by The Canadian Real Estate Association (CREA), reveal that national resale housing activity softened in April when compared to March 2011.

The decline in April sales activity reflects changes to mortgage regulations that came into effect previously. As anticipated, the changes pulled forward some sales activity that would have otherwise occurred at a later date.

Seasonally adjusted national home sales activity was down 4.4 per cent in April 2011 compared to the previous month. As expected, declines were largest in some of Canada’s more expensive and active markets, including Toronto, Vancouver, and the Fraser Valley.

Changes to mortgage regulations and other transitory factors also boosted transactions in April last year at the expense of activity in subsequent months. This also contributed to a broadly based decline in sales activity in April 2011 compared to year-ago levels.

Actual (not seasonally adjusted) activity was down 14.7 per cent from levels reported last April.

“Although down nationally, sales activity in April this year compared to April last year was up in a number of local housing markets,” said Gary Morse, CREA’s President. “Housing market trends often evolve and diverge from national trends due to local factors, so buyers and sellers should consult their local REALTOR^® to understand how the housing market is shaping up where they live.”

“Last April, several transitory factors artificially boosted sales. This included the impending tightening of mortgage rules, speculation about higher interest rates and the looming introduction of the HST in some provinces. This year, additional measures to tighten mortgage rules were implemented in March and the other transitory factors were absent,” said Gregory Klump, CREA’s Chief Economist. “This makes it difficult to compare the two months in order to reliably gauge the impact of the latest round of mortgage rule changes.”

The number of newly listed homes edged up 1.3 per cent in April from the previous month on a seasonally adjusted basis, but remained well below levels in January and February, when impending changes to mortgage regulations were announced.

With fewer sales and an increase in newly listed homes, the national housing market moved further into balanced territory in April. The national sales-to-new listings ratio, a measure of market balance, stood at 52.5 per cent in April, down from 55.7 in March.

More than two-thirds of local markets in Canada were balanced in April. Almost half of the remainder could be classified as sellers’ markets based on a ratio of sales to new listings above 60 per cent.

The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is another measure of the balance between housing supply and demand. The seasonally adjusted number of months of inventory stood at six months at the end of April on a national basis, up from 5.7 months in the previous month.

The national average price for homes sold in April 2011 was $372,544, up eight per cent from the same month last year. April marked the third consecutive month in which the national average price was up by eight per cent from year-ago levels.

The national average price has been skewed in recent months due to surging multi-million dollar property sales in selected areas of Greater Vancouver. Demand for these properties moderated in April from the previous month. A reduction in this source of upward skewing for the national average price was offset by fewer sales of lower priced properties.

“Changes to mortgage regulations that took effect in April 2011 likely sidelined a number of first-time homebuyers,” said Klump. “By contrast, higher end home sales in Greater Vancouver and Toronto had their best April ever.”

PLEASE NOTE: The information contained in this news release combines both major market and national MLS^® sales information from the previous month.

MLS^® is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 100,000 REALTORS^®working through more than 100 real estate Boards and Associations.

Further information can be found at

http://www.crea.ca/public/news_stats/media.htm

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For more information, please contact:

Pierre Leduc, Media relations
The Canadian Real Estate Association
P: 613-237-7111 or 613 884-1460
E: pleduc@crea.ca

National resale housing activity improves in October

2010-11-15T08:05:00.000-08:00

OTTAWA – November 15th, 2010 – National resale housing activity rose for the third consecutive month in October 2010, according to statistics released by The Canadian Real Estate Association (CREA).

Seasonally adjusted national home sales activity via the Multiple Listing Service^® (MLS^®) Systems of Canadian real estate Boards climbed 4.6 per cent in October 2010. The monthly rise in activity builds on similar increases in August and September. As a result, activity now stands 13.3 per cent above July levels, when it reached this year’s low point. Three-quarters of local markets posted monthly increases in seasonally adjusted activity in October, led by Toronto and Vancouver.

As further evidence that the market is returning to normal, sales activity in October stood halfway between the recessionary low reached in December 2008, and the record level activity posted in December 2009.

Actual (not seasonally adjusted) national sales activity in October 2010 was 21.6 per below levels for October 2009, when activity set a new record for the month.

National sales activity rebounded last year without a single monthly decline and hit record levels in the second half of 2009. As a result, large declines in activity compared to year-ago levels are masking recent monthly gains in national sales activity. Record level activity late last year is expected to continue stretching year-ago comparisons over the rest of 2010 (Exhibit 1).

The number of new residential listings on Canadian MLS^® Systems edged up 1.3 per cent on a seasonally adjusted basis in October. New listings remain 14 per cent below the recent peak reached in April 2010.

National sales activity and new listings have swung widely but synchronously, which has kept the market in balanced territory since the spring. Over half of all local markets in Canada are balanced, with an almost equal proportion of the remainder in buyers’ or sellers’ market territory.

The national average price trend remains stable, in keeping with a balanced market. The national average price trend has remained fairly steady for more than a year, but only recently is this being reflected in year-over-year comparisons. The national average price for homes sold in October 2010 was $343,747, up less than a percentage point compared to one year ago. October marks the fourth consecutive month in which the average home price has remained roughly even with year-ago levels.

The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and measures the balance between housing supply and demand. The seasonally adjusted number of months of inventory stood at 6.2 months at the end of October on a national basis. This is down from 6.5 months in September. The number of months of inventory now stands a full month below where it was in July.

“The continuation of low interest rates is supporting sales activity, which has been improving over the past few months in a number of major markets including Vancouver,” said Georges Pahud, CREA’s President. “National housing market trends are improving, but local market trends can differ significantly, so home buyers and sellers should consult their REALTOR^® to understand how their housing market is evolving.”

“National sales activity is now running almost halfway between the highs and lows posted between late 2008 and late 2009,” said Gregory Klump, CREA’s Chief Economist. “This suggests that the Canadian housing market may be starting to normalize. After the wild rollercoaster ride that many housing markets have been on, normal and stable market conditions are something that many buyers and sellers will likely welcome.”

PLEASE NOTE: The information contained in this news release combines both major market and national MLS^® sales information from the previous month.

MLS^® is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 100,000 REALTORS^® working through more than 100 real estate Boards and Associations.

Further information can be found at:
http://www.crea.ca/public/news_stats/media.htm

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For more information, please contact:

Linda Kristal, Director, Communications
The Canadian Real Estate Association
P: 613-237-7111 or 613-447-4532
E: lkristal@crea.ca

Residential Real Estate Sales Expected to Slow in Second Half

2010-08-20T06:26:00.001-07:00

July 19, 2010 – Nova Scotia:

Real estate sales appear to be slowing year-over-year as summer advances in Nova Scotia. Residential listings sold through the Multiple Listing Service® (MLS®) System from April to June 2010 are up 3.2 per cent when compared to the same three months in 2009. The Nova Scotia Association of REALTORS® (NSAR) also reports a 0.8 per cent decrease in listings.

“The Canadian Real Estate Association reported that 70 per cent of Canadian markets saw a decrease in sales in June,” says Karen Edwards, President of the Nova Scotia Association of REALTORS®. “While the winter and spring were fairly busy with activity in Nova Scotia, the summer season is expected to cool sales.”

Areas that saw the highest increase in sales were the South Shore and Yarmouth. Larger increases in sales and listings in Yarmouth could be due to more REALTORS® using NSAR’s MLS® System than in 2009 and not truly reflective of the current situation. “Yarmouth will be an important market to watch over time,” comments Edwards. “If listings continue to increase, pricing will most certainly be affected.” REALTORS® in Yarmouth indicate that the cancellation of the CAT Ferry appears to have affected high end waterfront sales and tourism negatively this season.

The provincial average price in Nova Scotia continues its trend of small increases. It is up 3.4 per cent to $211,039.

Residential sales and listings from April 2010 to June 2010 in regions across the Province: (Click to enlarge tables)

Source: Nova Scotia Association of REALTORS®

Strength in Nova Scotia's Real Estate Market Expected to Increase Listings

2010-06-02T06:21:00.001-07:00

April 26, 2010 – Nova Scotia: For the sixth month in a row, the real estate market in Nova Scotia continues its trend of increases in sales and small decreases in listings, though the number of listings are expected to increase as we move further into spring. The Nova Scotia Association of REALTORS® (NSAR) reported that the number of residential units sold across the Province through the Multiple Listing Service® (MLS®) System from January to March was up 23.2 per cent compared to the same three months last year. Listings were down only 0.1 per cent.

Average price in the province was up 12.3 per cent, with larger increases in Yarmouth and the South Shore.

Average prices from January 2010 to March 2010 in regions across the Province:

Region	Price: January 2010 - March 2010	Compared to January 2010 - March 2010
Cape Breton	$98,338	Down 5.8%
Halifax-Dartmouth	$247,077	Up 7.7%
Highland Region	$117,057	Down 3.2%
Northern Region	$117,297	Up 15.4%
South Shore	$164,115	Up 27.1%
Yarmouth	$129,359	Up 45.2%
Annapolis Valley	$154,957	Down 20.9%
Provincial	$205,832	Up 12.3%

Source: Nova Scotia Association of REALTORS®

Resale market sees nearly 100,000 homes listed for sale in March

2010-04-15T07:43:00.000-07:00

Homebuyers have more choice heading into the busy spring buying season, with new supply in Canada’s resale housing market setting a record for the month of March. While resale housing demand remains strong, rising numbers of new listings are resulting in a more balanced national resale housing market.

According to statistics released by The Canadian Real Estate Association (CREA), some 97,663 residential properties were listed for sale on the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards in March 2010. This is an increase of 20 per cent from the previous March record set in 2008. A total of 233,402 new listings have come on stream since the beginning of the year, more than in any other first quarter period on record.

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

Demand remains very strong, but has edged lower compared to the record levels posted at the end of 2009. Seasonally adjusted national home sales totalled 130,072 units in the first three months of 2010. This represents the fourth highest quarterly level on record, down 3.4 per cent from the quarterly peak in the fourth quarter of last year. Sales activity in Ontario, Quebec, and Newfoundland & Labrador rose to new records in the first quarter. Higher activity in these provinces was offset by a decline in activity in British Columbia (-17.8 per cent) and Alberta (-9.7 per cent).

Actual (not seasonally adjusted) sales numbered 111,110 units in the first quarter of 2010. This is the third highest level ever for the first quarter period.

A total of 43,621 homes traded hands through Boards’ MLS® Systems on a seasonally adjusted basis in March 2010. This is an increase of 1.4 per cent from February, as further gains in Toronto more than offset a decline in activity in Vancouver. Seasonally adjusted sales scaled new heights in Toronto and Ottawa in March.

Unadjusted national sales activity numbered 49,256 units in March. This marks the second highest level on record for the month of March. On a year-over-year basis, sales were up 40.8 per cent, smaller than those of the previous five months. Since a year will soon have elapsed following the recessionary decline and subsequent rebound for the Canadian resale market, year-over-year comparisons are expected to continue shrinking in the months ahead.

The national average price of homes sold via Canadian MLS® Systems in March was $340,920. This is the second highest national average price on record, just $300 below the peak reached last October. Compared to March 2009, the national average home price was up 17.6 per cent. As with sales activity, the increase was smaller than those recorded over the past five months, and year-over-year gains are expected to become further subdued as the year progresses.

The price trend is similar but less dramatic for the national weighted average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. It climbed 16 per cent on a year-over-year basis in March 2010.

The residential average price in Canada’s major markets climbed 19 per cent year-over-year to $373,835 in March. As with the national counterpart, the price trend is similar but less dramatic for the major market weighted average price, which rose 17 per cent from levels reported in March 2009.

There were 214,312 homes listed for sale on Boards’ MLS® Systems in Canada at the end of March 2010, a decline of nine per cent compared to the elevated levels of one year ago. This is the smallest year-over-year decline in active listings since June 2009.

The actual (not seasonally adjusted) number of months of inventory in March 2010 stood at 4.4 months. While well below where it stood one year ago (6.7 months), and down slightly from March 2008 (five months), months of inventory are higher compared to March from 2004 through 2007. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

On a seasonally adjusted basis, months of inventory stood at 4.6 months in March. This was little changed from February, but stands above levels reported in the previous four months.

“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.”

PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month. The Canadian Real Estate Association has previously released these separately.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighborhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

Source: Canadian Real Estate Association

Majority of Nova Scotia Sees Increased Real Estate Activity this Winter

2010-03-05T11:58:00.000-08:00

March 2, 2010 – Nova Scotia:

The real estate market in many parts of the province saw increased sales activity over this time last year, with the South Shore and Halifax-Dartmouth regions experiencing the largest increases in sales.

The Nova Scotia Association of REALTORS® reported that the number of residential units sold across the Province through the Multiple Listing Service® System (MLS®) from November to January was up 27.5% compared to the same three months last year.

Average prices from November 2009 to January 2010 in regions across the Province:

Region	Price: Nov 2009 - Jan 2010	Compared to Nov 2008 - Jan 2009
Cape Breton	$108,795	Up 8.2%
Halifax-Dartmouth	$237,571	Up 1.9%
Highland Region	$139,252	Up 22.6%
Northern Region	$118,916	Up 19.4%
South Shore	$149,902	Up 2.2%
Yarmouth	$111,924	Down 6%
Annapolis Valley	$146,429	Up 17%
Provincial	$193,847	Up 8.5%

Source: Nova Scotia Association of REALTORS ®

National resale activity edges down in January

2010-02-25T09:08:00.000-08:00

OTTAWA – February 17th, 2010 – According to statistics released by The Canadian Real Estate Association, the number of homes sold through the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards declined in January 2010 from the previous month.

Seasonally adjusted national home sales dropped 2.8 per cent from near record levels reported in December. Ontario accounted for about half the national decline. Activity was also down in British Columbia, Alberta, and Manitoba, but reached new heights in Quebec.

Actual (not seasonally adjusted) residential sales activity in January 2010 was up 58 per cent from year ago levels, when national home sales activity reached the lowest level in a decade. Because activity began recovering in February last year, large year-over-year gains are expected to shrink over upcoming months.

The average price of all homes sold through the MLS® Systems of Canadian real estate Boards in January 2010 was $328,537, up 19.6 per cent from one year ago. In January 2009, the average residential sale price fell to the lowest level in almost three years. Year-over-year average price gains are being stretched by weakness one year ago, and are expected to shrink beginning next month.

The price trend is similar but less dramatic for the national weighted average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. It climbed 14.9 per cent year-over-year basis in January 2010.

The residential average price in Canada’s major markets also climbed 19.6 per cent year-over-year in January. As with the national counterpart, the price trend is similar but less dramatic for the major market weighted average price, which rose 13.1 from January 2009.

Across Canada, the seasonally adjusted number of new listings on Boards’ MLS® Systems edged up three tenths of one percent on a month-over-month basis in January to reach the highest level since November 2008. New listings rose in British Columbia, Alberta and Newfoundland, offsetting declines in other provinces. The actual (not seasonally adjusted) number of new residential listings was up 3.4 per cent from one year ago.

“The resale housing market is becoming more balanced in a number of provinces, including my own province of Saskatchewan,” said CREA President Dale Ripplinger. “A more balanced market is likely to result in smaller price increases going forward, with buyers in less of a rush due to an increase in supply. That said, market conditions vary across Canada, so buyers and sellers are wise to consult with a REALTOR® since they know current conditions in your local market.”

Strong demand for resale homes continues to draw down supply. There were 170,199 homes listed for sale on Boards’ MLS® Systems in Canada at the end of January 2010, a decline of 18 per cent from levels reported for the same month in 2009. Nationally, there were 4.4 months of inventory in January 2010 on a seasonally adjusted basis. This is up slightly from 4.2 months in December.

The actual (not seasonally adjusted) number of months of inventory in January 2010 stood at 6.6 months. This is well below where it stood one year ago (12.8 months), but slightly higher than it was in the month of January in the years 2004 through 2008. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

“January results suggest that the national resale housing market may be past the recent peak,” said CREA Chief Economist Gregory Klump. “One car doesn’t make a parade, so a few more months of results showing a cooling trend will be required before talk of a Canadian housing bubble begins to fade. It could take until the second half of the year before a cooling trend becomes evident, since home buying activity may continue to be accelerated in the first half of 2010 by expected interest rate increases, and by the introduction of the HST in Ontario and British Columbia on Canada Day.”

http://www.crea.ca/public/news_stats/pdfs/media_jan10rpt_e.pdf

(CREA 02/17/10)

Source: Canadian Real Estate Association

2009 An Interesting Year in Real Estate

2010-01-21T05:25:00.000-08:00

January 14, 2010 – Nova Scotia: Nova Scotia’s real estate market in 2009 ended with single digit decreases in both sales and listings, while average price showed an increase of 3.9% when compared to 2008. The Nova Scotia Association of REALTORS® (NSAR) reported that the number of residential units sold through the Multiple Listing Service® (MLS®) was down 7.7% in 2009. “At the end of 2008, buyers were clearly nervous whether to enter the real estate market based

on the economy,” says Linda Smardon, NSAR President. “Towards the middle of 2009, consumer confidence began to build again and the recovery from double-digit decreases in sales and dollar volume indicates a brighter 2010 for the market than some previously thought.” With listings down, the market seems to be working to achieve more balance. “A balanced market is a healthy market,” commented Smardon. “It means that there are opportunities for buyers and

sellers and what’s good for the real estate market is good for our economy”.

Representing more than 1,600 REALTORS® across the province, the Nova Scotia Association of REALTORS® continued to keep Nova Scotians up-to-date on regional and provincial market activity to help sellers and buyers make informed decisions and promote the benefits of a healthy, active market. According to a study by Altus group, the real estate industry generates $338 million and creates

more than 4,100 jobs annually in Nova Scotia. The benefits of a healthy real estate market in a community can be felt by all its residents. Because the real estate industry impacts the province economically, environmentally, and socially, REALTORS® are committed to helping to improve the quality of life for Nova Scotians by ensuring economic vitality, providing housing opportunities, preserving our environment, protecting property owners and building better communities. It is these principles that help to guide the activities of the Association and its members. In 2009, REALTORS® were involved in several provincial initiatives including providing input into and feedback on the New Home Construction Rebate, the Condo Act, the Wetland Conservation Policy and the Homeowner Protection Act. REALTORS® were also very involved at the federal government level, meeting with MPs on Parliament Hill, including Prime Minister Stephen Harper and Finance Minister Hon. Jim Flaherty to discuss federal initiatives that would help stimulate the economy.

Click here to read full release

Source: Nova Scotia Association of REALTORS®

2009 resale housing market ends on a high note

2010-01-15T07:16:00.001-08:00

Existing home sales activity reached the highest level ever for the month of December, according to statistics released by The Canadian Real Estate Association. Strong demand in the second half of 2009, especially in the fourth quarter, pushed annual sales above 2008 levels.

Residential sales activity via the Multiple Listing Service® (MLS®) of Canadian real estate boards numbered 27,744 units in December 2009. This stands 72 per cent above activity in December 2008, when activity dropped to the lowest level in a decade. New records for the month of December were reported in Ontario, Quebec, Saskatchewan, New Brunswick, and Newfoundland & Labrador.

Seasonally adjusted national home sales totalled 46,805 units in December, capping the strongest fourth quarter period ever. A total of 137,957 homes traded hands on a seasonally adjusted basis in the fourth quarter of 2009. This is up 2.6 per cent from the previous record set in the first quarter of 2007. New quarterly records were set in British Columbia, Ontario, and Quebec.

National sales activity began 2009 on a weak footing. Despite year-over-year increases in the second and third quarters of the year, year-to-date activity was still trailing 2008 levels at the end of September 2009. A 59 per cent year-over-year gain in the fourth quarter of 2009 pushed sales activity above annual levels for 2008.

“Sales activity in 2009 came in like a lamb and went out like a lion,” said CREA President Dale Ripplinger. “The continuation of unusually low interest rates may keep national sales activity near current levels over the coming months, as will a blip in housing demand in Ontario and British Columbia from homebuyers motivated to beat the introduction of the HST.”

Annual activity in 2009 was down 10.7 per cent from the peak reached in 2007. A total of 465,251 homes traded hands through the MLS® systems of real estate boards in Canada in 2009. This is up 7.7 per cent from 2008 levels, and represents the fourth highest level on record for annual activity.

The national residential average price was $337,410 in December, up 19 per cent year-over-year. On an annual basis, average price climbed five per cent to a record $320,333. Average prices set new annual records in a majority of local markets in 2009, and in every province except Alberta.

The large year-over-year increase in the national average price in December reflects the high degree to which it was skewed downward in late 2008 by unusually low activity in Canada’s priciest markets. The national average price was also skewed upward by rebounding activity in the spring and summer months of 2009. The national average price rose to unprecedented heights at that time, despite records having been set in only a small number of local markets.

The contribution of activity by higher priced markets toward the national average price has recently returned to more typical levels. Record level average prices in most regions are now driving the national average price to new heights.

The price trend is similar but less dramatic for the national weighted average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. It climbed 3.6 per cent in 2009.

The residential average price in Canada’s major markets was up 5.5 per cent year-over-year to $348,840 in 2009. As with the national counterpart, the price trend is similar but less dramatic for the major market weighted average price, which rose 2.3 per cent from 2008 levels.

Strong demand and headline average price gains are drawing more sellers to the market. New listings coming onto Board MLS® Systems across Canada rose to the highest level on record for the month of December, with a total of 33,090 residential properties coming on stream. This is up 4.8 per cent from December 2008, the first year-over-year gain in a year. On a seasonally adjusted basis, new listings rose by 4.7 per cent in December 2009 compared to the previous month.

The recent rising trend in new listings has not yet offset the steep decline in the number of new listings during the first half of 2009. As a result, new listings in 2009 were down 12.6 per cent from the annual peak in 2008.

Despite the recent rise in new listings, strong demand for resale housing continues to draw down inventories. There were 154,264 homes listed for sale on Boards’ MLS® Systems in Canada at the end of December 2009, a decline of 22 per cent from levels reported one year ago.

Nationally, there were 4.1 months of inventory in December 2009 on a seasonally adjusted basis. This is the lowest level in more than two years.

The actual (not seasonally adjusted) number of months of inventory in December 2009 stood at 5.6 months, the lowest December figure since 2005, and well below the same month in 2008 (12.3 months). Although up slightly from November (five months), an increase is normal at this time of year since demand normally eases relative to supply over autumn and winter months. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

“CREA’s latest statistics will no doubt spark further bubble talk amongst the usual suspects,” said CREA Chief Economist Gregory Klump. “Cooler heads recognize that many of the recent gains reflect temporary factors that could fade by summer.”

“The extraordinary decline in activity one year ago and subsequent rebound, particularly for higher-priced real estate, is stretching current year-over-year comparisons,” he said. “By the second half of 2010, price gains are likely to shrink significantly, since a year will have elapsed since the decline and rebound. Klump added that, “Further expected increases in supply will also take some steam out of the market. A more balanced market will result in smaller price increases in the second half of the year, but a massive decline in demand similar to what we saw in late 2008 and early 2009 seems as unlikely as a massive spike in supply.”

To view the complete release: http://www.crea.ca/public/news_stats/pdfs/media_dec09.pdf

Source: Canadian Real Estate Association

Should you put your home on the market in the winter?

2010-01-05T10:47:00.000-08:00

Untitled DoOf course! Many people believe that you should keep you’re home off the market in the winter months, but there are many advantages to having your home for sell during this time:

There are more serious buyers around during the winter months. If potential buyers are going to put the effort into getting bundled up to go out, chances are they are serious about purchasing.

There are fewer properties on the market during the winter months, which gives your property less competition.

Employers are more likely to transfer in employees during the winter months.

Winter is the perfect time for selling recreational properties. Buyers want to start using them as soon as the warm weather hits, so buying during the winter is the ideal situation.

If you’re looking to buy in the spring, listing during the winter gives you the opportunity to sell your home in time to take advantage of the influx of new listings that happens in the spring.

Existing home sales activity remains strong in November

2009-12-23T06:15:00.000-08:00

According to statistics released by The Canadian Real Estate Association, existing home sales activity remained upbeat in November 2009. The current strength of housing demand stands in sharp contrast to weak activity recorded one year ago.

A total of 36,383 residential properties traded hands via the Multiple Listing Service® (MLS®) of Canadian real estate boards in November 2009. Up 73 per cent from year-ago levels, activity was down just four tenths of a per cent from the highest level of activity for the month posted in November 2007. Home sales set new records for the month of November in Ontario and Quebec.

"National home sales activity last month shows how strongly the housing market has rebounded since the beginning of the year,' said CREA President Dale Ripplinger. "As we predicted last April, the rebound in resale housing activity led the overall Canadian economy out of recession."

The unprecedented year-over-year gain in activity underscores the extent to which demand has recovered from one year ago, when news of the global financial crisis hammered consumer confidence. Year-over-year gains were biggest in British Columbia (165 per cent) and Ontario (77 per cent).

Since the beginning of 2009, some 437,507 homes have been sold through Canadian MLS® systems. This is up five per cent from activity in the first 11 months of 2008, but below levels for the period in each of the previous three years.

The national residential average price was $337,231 in November, a gain of 19 per cent compared to one year ago. For the year-to-date, the average price is up 4.4 per cent compared to the same period last year. The yearover- year increase in November continues to reflect the high degree to which the average was skewed downward last year by plummeting activity in Canada's priciest markets, and then upward by rebounding activity. Average price in November edged back from the peak reached in October.

The price trend is similar but less dramatic for the national MLS® weighted average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. The weighted average price climbed 13 per cent on a year-over-year basis in November. This is a smaller increase compared to the year-over-year gain of 14 per cent recorded the previous month.

The residential average price in Canada's major markets was up 20 per cent year-over-year to $368,665. As with the national counterpart, the price trend is similar but less dramatic for the major market weighted average price which rose 11 per cent from last November.

The return of strong demand and headline average price gains is beginning to draw more sellers back to the market. Seasonally adjusted new listings coming onto Boards' MLS® Systems across Canada rose five per cent on a month-over-month basis in November to 69,110 units. This is the biggest monthly increase since January 2008. Despite the uptick in new listings, the sharp rise in resale housing demand continues to draw down inventories. There were 183,710 homes listed for sale on Boards' MLS® Systems in Canada at the end of November 2009. This is down 23 per cent from levels reported one year ago, and the seventh month in a row in which inventories have declined from year-ago levels.

Nationally, there were four months of inventory in November 2009 on a seasonally adjusted basis, the lowest level in more than two years. The actual (not seasonally adjusted) number of months of inventory in November 2009 stood at five months, up slightly from the previous month (4.6 months). An increase is normal at this time of year, since demand tends to ease relative to supply over autumn and winter months. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

"The latest batch of seasonally adjusted statistics may reflect distortions in the seasonal adjustment procedure due to an extraordinarily weak housing market one year ago," said CREA Chief Economist Gregory Klump. "Deteriorating housing affordability will reign in sales activity as the overall economy further improves and the pool of buyers who qualify for financing shrinks."

PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information of Boards' MLS® Systems from the previous month. The Canadian Real Estate Association has previously released these separately.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighborhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

The Canadian Real Estate Association (CREA) is one of Canada's largest single-industry trade associations, representing more than 96,000 real estate Brokers/agents and salespeople working through more than 100 real estate Boards and Associations.

Registrants in any province who become members of organized real estate have an obligation to act in accordance with the REALTOR® Code. This Code outlines the accepted standard of conduct for all real estate practitioners who are members of a real estate Board or a Provincial Association.

CREA owns the MLS® and REALTOR® trademarks, which signify a high standard of service and identify members of CREA. (CREA 12/15/2009)

October a record breaking month for MLS® resale housing market

2009-12-22T09:05:00.000-08:00

According to The Canadian Real Estate Association, sales activity reached the highest level ever for the month of October.

Residential sales activity via the Multiple Listing Service® (MLS®) of Canadian real estate boards numbered 42,288 units. This is up 41.5 per cent compared to October 2008, when news of the global financial crisis hammered consumer confidence. New records for the month were reported in about one-fifth of local markets, including Toronto, Montreal, and Ottawa.

Seasonally adjusted national MLS® home sales totalled 45,818 units in October 2009. This is two per cent higher than the previous record set in May 2007, and 74 per cent above the recent low in January, when activity fell to the lowest level in a decade. New monthly records for activity were set in British Columbia, Ontario, and Quebec, which reflect record level activity in Greater Vancouver, Toronto, Ottawa, Montreal and Quebec City.

Since the beginning of 2009, some 401,124 homes have traded hands via the MLS® System. This is 1.6 per cent above the same period last year, but below levels for this period in each of the previous three years.

"Low interest rates and upbeat consumer confidence continue to release the pent-up demand that built late last year and earlier this year," said CREA President Dale Ripplinger. "The release of that pent-up demand has boosted national sales activity to new heights and is drawing down inventories."

The national MLS® residential average price also reached new heights in October 2009. At $341,079, the average sale price was up 20.7 per cent from the same month last year. The increase reflects the high degree to which the national average price was skewed downward last year by a significant decline in activity in Canada's priciest markets, and then upward by the rebound in activity.

The price trend is similar but less dramatic for the national MLS® weighted average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. It set a record in October, rising 14 per cent on a year-over-year basis.

October also saw the MLS® residential average price in Canada's major markets improve. At $373,095, the average sale price was up 22.1 per cent from the same month last year. As with the national counterpart, the price trend is similar but less dramatic for the major market MLS® weighted average price which rose in October 12 per cent on a year-over-year basis.

Seasonally adjusted new listings coming onto the MLS® Systems of real estate boards across Canada inched up on a month-over-month basis in October to 65,148 units. New listings peaked in May 2008 and declined sharply until March 2009. Since April 2009, new listings have held to within a range of 66,500 units, plus or minus 1800 units.

The sharp rise in resale housing demand has increasingly shrunk inventories. There were 194,994 homes listed for sale on the MLS® Systems of real estate boards in Canada at the end of October 2009. This is 20.8 per cent below the peak reached one year ago, and the sixth month in a row in which inventories are down from year-ago levels.

Nationally, there were 4.1 months of inventory in October 2009 on a seasonally adjusted basis, the lowest level in more than two years. The actual (not seasonally adjusted) number of months of inventory in October 2009 stood at 4.6 months, which is down slightly from the previous month (4.9 months), and among the lowest of levels this year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

"New listings are still expected to rise in the coming months in response to headline average price increases," said CREA Chief Economist Gregory Klump. "New supply dropped dramatically in December last year and earlier this year in response to a difficult pricing environment. Sellers who moved to the sidelines should be drawn back to the market as prices rise further over the rest of the year and in early 2010." (CREA 11/16/2009)

Source: Canadian Real Estate Assocation