Canadian Real Estate Association July 2011 National Market Report

The Canadian Real Estate Association says that sales activity across Canada was stable through June and July, but that July 2011 saw a healthy increase in sales over July 2010. In July 2010, Canadian housing levels were at their lowest point in July since 2002, but July 2011 saw an increase of 12.3 per cent as a total of 284,537 homes were sold across Canada.

New listings in Canada decreased overall, but large urban centres like Toronto saw increases.

The Canadian Real Estate Association (CREA) offered the following soundbites on the national housing market in July:

“The continued stability in national sales activity shows that homebuyers remain confident about the soundness of investing in a home,” said the Canadian Real Estate Association’s president, Gary Morse, in a Canadian Real Estate Association press release. “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.”

“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 the Canada Real Estate Association’s chief economic, Gregory Klump, in the same press release. “Upward skewing of the national 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. The nationals 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. Even so, the stability of Canada’s housing market will likely continue to stand in stark contrast to further expected volatility in financial markets.”

For more information and to read the full Canadian Real Estate Association press release, click here.

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