Canadian Property sales level out

The real estate market in Canada is steady with the latest figures from the Canadian Real Estate Association showing that national resale activity was average in February.

Actual, not seasonally adjusted, national sales activity via the Multiple Listing Service of Canadian real estate boards came in 5.9% below levels reported last February. This marks the smallest year over year decline in nine months, and the fourth consecutive month in which sales activity was on par with the five-year average for that month, CREA said.

Seasonally adjusted home sales activity edged down 1.6% in February 2011 compared to the previous month on a national basis. While sales activity eased in almost two thirds of all local markets from the previous month, offsetting monthly increases in activity among other markets including Vancouver and Calgary.

Nationally, new listings in February edged up 1.5% from the previous month on a seasonally adjusted basis, which builds on the 4.3% monthly increase in January. The rise in new listings is consistent with CREA’s expectation that many sellers, who shied away from listing their home last summer when the national housing market softened, would list their home in early 2011, having by now observed improved demand and stable prices.

Source: Property Community