Canada home sales rise, listings decline in november

Canada's resale housing market tightened slightly in November, as sales rose in more than 50% of markets while the number of listings declined, the Conference Board of Canada said Tuesday.

Sales rose in 16 of the 28 markets the board tracks for its metro resale index, with seven of those markets posing a gain of more than five per cent over October's number. Year-over-year sales rose in 15 areas, down from October, when 20 of the urban areas posted sales growth over 2010.

"The supply of new listings fell in 23 of 28 markets in November, but still exceeded year-earlier levels in 20 jurisdictions," the board said. "An easing in supply of listings, combined with slightly weaker sales gains, lifted the sales-to-listings ratio in November in 23 markets. This left four areas as ‘sellers' markets, while 21 remain ‘balanced'."

Source: FinancialPost.com