Resale Home Activity Remains Stable in October 2012: CREA

According to the Canadian Real Estate Association, resale home activity across Canada has remained about the same in October 2012, as did prices.

Home sales were only down 0.1 per cent from September to October, with actual and not seasonally adjusted activity down 0.8 per cent. New home listings increased by 3.8 per cent over the months.

“Sales data in October held steady at the national level, but we are seeing some diverging trends among local housing markets,” said the president of the Canadian Real Estate Association, Wayne Moen, in a press release. “Markets in Alberta and Saskatchewan are gaining strength, while some of Canada’s traditionally most active markets have lost steam. As always, all real estate is local, so buyers and sellers should talk to their Realtor to understand how the housing market is shaping up where they live.”

The national average home price for resale homes was only a 0.02 per cent increase across Canada.

“Little has changed since national activity geared down in the wake of mortgage rules that came into force in July,” said Gregory Klump, the chief economist for the Canadian Real Estate Association. “Opinions differ about how sharply sales have slowed depending on the local housing market.”

Klump continued, “These results suggest that the Canadian housing market overall has returned to a more sustainable pace.”

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