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Realty 55 Real Estate Market News


Figures released by the Canadian Real Estate Association (CREA) in July show that activity in the real estate market declined in June across the country.


Much of this is thought to be related to the new mortgage regulations recently imposed along with anticipated mortgage rate increases. Across the country sales were down 19.7% in June 2010 compared with June 2009. Home listings on the Multiple Listing Service® (MLS) also decreased by 6.8% on the previous month. The national average sale price of homes listed on MLS actually rose 4.9% on the same time last year to $342,662.


City, Province National


Vancouver, BC Victoria, BC


Edmonton, AB Calgary, AB


Saskatoon, SK Regina, SK


Winnipeg, MB Toronto, ON Ottawa, ON Montreal, QC


Quebec City, QC Fredericton, NB Halifax, NS


Summerside, PE St Johnʼs, NF Yellowknife, NT Whitehorse, YK


June 2009 aveʼ price


$326,689 $575,949 $476,689 $328,285 $392,601 $276,867 $245,097 $212,542 $403,918 $307,793 $276,291 $218,104 $171,784 $240,093 $148,885 $211,844 $331,696 $218,420


June 2010 aveʼ price


$342,662 $657,934 $511,498 $335,271 $415,431 $295,963 $274,673 $233,567 $435,064 $328,238 $307,403 $237,530 $175,812 $262,992 $137,335 $237,489 $418,492 $333,898


“The housing market is becoming more challenging for sellers,” said CREA President Georges Pahud. “Buyers are in less of a hurry, so sellers should consult with their local REALTOR® on how to best price and present their home to attract purchase offers.”


The British Columbia Real Estate Association (BCREA) reported a downturn of 23% in sales in June 2010 compared to June 2009. Across the province the average sale price via MLS was $499,908 an increase of 8% on last year. “Market conditions have shifted from balanced conditions at the start of the year to a buyers’ market this summer,” said Cameron Muir, BCREA Chief Economist. The Greater Vancouver area remains the most expensive area to purchase in and the northern areas of the province the cheapest.


The Realtors Association of Edmonton (RAE) saw fewer listings in June, but higher sales prices than last year. “There was less external pressure on the market


from incentives or rate changes last month and as a result the market seems to be operating in a normal controlled manner,” said Larry Westergard, president of the RAE. Toronto saw a record number of home sales during the first half of 2010, but this has slowed over the last couple of months.


“The pace of home sales has moderated from


record levels over the past two months with the prospect of higher mortgage rates.” said Bill Johnston, President of the Toronto Real Estate Board (TREB).


“With more homes to choose from in the second


quarter, many home buyers have been making less- aggressive offers. This has resulted in less upward pressure on the average selling price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The annual rate of average price growth in the second half of 2010 will be in the single digits.”


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