The Nova Scotia residential resale housing market defied national trends in October, posting a 1.1% increase in the average residential price while the national average dropped 9.9%.


 
NOVA SCOTIA: Real Estate continues to defy national trends

(Nova Scotia - November 24, 2008) The Nova Scotia residential MLS® resale housing market defied national trends in October, posting a slight increase in the average MLS® residential price while the national average dropped 9.9%. The Nova Scotia Association of REALTORS® (NSAR) reports that the average price in the province in October was $175,490, up 1.1% compared to October of last year.

“As sales activity continues to slow from its breakneck pace in 2007, new listings are staying on the market longer, and because people aren’t forced to sell, they’re taking them off the market if they don’t sell. That’s helping to stabilize the market,” says NSAR President Robert Wambolt.

“We have to watch the international situation as well. Consumer confidence has taken a hit recently, as a result of dimming sentiment about the prospects for job growth and also whether it is a good time to make a major purchase. Financial market turmoil is really behind all of that,” Mr. Wambolt adds. “Home buyer sentiment has become cautious and less urgent so unrealistically priced properties will continue to sit on the market. Our housing market is in good shape, especially in contrast to the oversupply in other markets like the United States.”

Nova Scotia REALTORS® sold 973 properties in October, down 14% from October 2007. The MLS® average price of a residential property was $175,490, up 1.1%. There were 7,744 active residential MLS® listings, up 17% compared to October 2007.

In the Halifax-Dartmouth Region, a total of 435 residential properties were sold in October through the MLS® system, down 19% compared to the same period last year. The average residential price in the Halifax region last month was up 2% to $224,607.

According to an MLS® market forecast developed by The Canadian Real Estate Association, weaker activity in the first quarter means a forecast decline in sales activity of 3.9% by the end of 2008 in Nova Scotia. Annual activity is also forecast to ease by 2.2% in 2009 due to a slowdown in job growth and increased homebuyer caution.

ALBERTA: Home buyers react cautiously in local markets

(Edmonton, December 2, 2008) Alberta's REALTORS® had lots of time to work with their best clients in November as housing sales slowed. The number of residential sales during the month dipped to levels not seen since 1998. The average price of a single family home in the greater Edmonton area remained stable while condominium prices dropped for the second month in a row, reported the REALTORS® Association of Edmonton.

“Our members report that there are a lot of potential buyers in the market but many are not ready to commit,” said Marc Perras, president of the REALTORS® Association of Edmonton. “They are being cautious and hoping for further price drops or lower interest rates that reflect the current global economic situation.”

The average price of a single family home was down slightly (0.14%) in November offsetting a slight rise in October. The average price of a single family home was $362,757. Condominium sales took another drop in November, down 2.55% with an average price of $231,531. Duplex and rowhouses sold on average for $315,813 which was up 2.8% from October. The average residential sales price (including all types of residential property) was $318,588; up by a quarter of a percent.

“Sellers may be losing heart but even in this slow market there were still about 30 housing deals made every day and every home that is priced appropriately will eventually find a new owner,” said Perras. There were 8,015 homes in the local MLS® inventory at the beginning of this month, down 510 from the previous month. 2,036 homes were listed during November and 891 were sold resulting in a sales-to-listing ratio of 44% as compared to 40% last month. Average days-on-market was up five days to 63 and total MLS® sales (including commercial, industrial and residential) was $319 million in November, a drop of $144 million from last November.

BRITISH COLUMBIA: Homebuyers benefits from lower prices

(Vancouver, BC - December 12, 2008) The British Columbia Real Estate Association reports residential sales dollars volume on MLS in BC declined 67% to $1.1.07 billion in November, compared to November 2007. Residential unit sales were down 62% to 2,707 units during the same period. The average MLS residential home price in the province was $395.687 down 12.5% from November 2007.

“The average sale price of a home in the province hit a 26-month low in November,” said Cameron Muir, BCREA Chief Economist. “The irony of markets is that there’s no shortage of buyers when prices are near a peak and a scarcity of buyers when prices are near a trough.” Home prices were 8% lower in November 2008—nine months after the peak—than they were nine months prior to the peak.

“Today’s homebuyers are benefiting from a greater selection of homes for sale, more time to thoroughly investigate their choices and the ability to negotiate attractive prices,” added Muir.

Year-to-date MLS® residential sales dollar volume in the province declined 30% to $30.3 billion compared to the same period last year. Provincial MLS® sales declined 32% to 66,467 units, while the average residential price increased 4% to $455,537 over the same period.

ONTARIO: Over 3,600 Greater Toronto area resale housing sales in November

(Toronto, December 4, 2008) Greater Toronto REALTORS® recorded 3,640 transactions last month, down from 7,313 sales in November 2007, Toronto Real Estate Board President Maureen O’Neill announced today.

Year-to-date sales figures for the Greater Toronto Area show 72,086 transactions in 2008, down from 88,695 sales recorded in the same January to November period a year ago. By contrast, the 2008 year-to-date average price in the GTA is $379,489, up from $375,445 in 2007.

“It’s important for the public to understand that while sales activity has moderated in 2008, due to current economic conditions, the average price of homes has increased from 2006 still making real estate a solid long term investment,” said O’Neill.

In the 416 area, 1,523 transactions took place last month, down from 3,426 sales recorded in November 2007. From a year-to-date perspective, there have been 28,806 sales in the 416 area this year, down from 36,804 transactions a year ago.

In the 905 Region 2,117 homes changed hands last month, down from November 2007’s 3,887 sales. The 905 Region’s year-to-date figures show 43,280 transactions this year, down from 51,891 sales recorded during the same period in 2007.

“Homeownership in the Greater Toronto Area continues to be an affordable, stable and secure investment,” said Ms. O’Neill. “Home buyers and sellers should be confident about their bricks and mortar investment which provides shelter and a place to raise a family.”

“Home prices are affordable, interest rates are at historical low levels and the supply of homes for sale is good providing additional reasons for buyers thinking of entering the market,” added O’Neill.

The average price of a home in the GTA last month was $368,582, down from $393,747 noted in November 2007. In November 2006 the average price was recorded at $355,727.

In the 416 area, last month’s average price was $390,225, down from $433,859 noted in November 2007. The average price recorded in November 2006 was $381,188. From a year-to-date perspective the 2008 average price in the 416 area is $411,155, down slightly from last year’s $411,640.

In the 905 Region, the average price recorded last month was $353,012, down from $358,391 recorded in November of 2007. In November 2006 the average price was $335,522. The year-to-date average price in the 905 Region this year is $359,245, up from $349,774 in 2007.

The average number of days a home currently remains on the market in the GTA is 41, up from an average of 32 days last November. There are currently 27,037 homes listed on the Toronto MLS system compared to 18,309 available properties in November 2007.

“While homeownership offers immediate benefits and long term value by way of equity, it also provides tax benefits over time,” said Ms. O’Neill. “If you bought a house five years ago, it would be worth more than 20% more today.”

Ottawa resale market balanced, prices still rising
(Ottawa - December 5, 2008) Members of the Ottawa Real Estate Board sold 646 residential properties in November through the Board’s Multiple Listing Service® system compared with 890 in November 2007, a decrease of 27.4%. There were 964 sales in October 2008.
 
“These numbers are right in line with the Canada Mortgage and Housing Corporation’s just-released forecast for resale home sales in Ottawa for the remainder of 2008,” said Board President Heather Skuce. “Sales are moderating to near-2006 levels; in fact, 2008’s year-to-date sales numbers are still slightly ahead of 2006. In that year, 13,090 homes had been sold by November 30th, versus 13,264 so far this year. Sale prices continue to rise, and CMHC says Ottawa is now becoming a balanced market, which offers plenty of opportunity for both buyers and sellers,” Skuce added.
The average price of residential properties, including condominiums, sold in November in the Ottawa area was $291,441, an increase of 7.7% over November 2007.