Canadian Real Estate Association Market Update

The following is an update on the overall Canadian real estate market just released by the Canadian Real Estate Association (CREA).  Activity in the Georgian Triangle reflects the same general conditions as what is being experienced elsewhere across the country.

Ottawa, ON, December 17, 2012 - According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity edged back down in November 2012 on a month-over-month basis, returning to where it stood in August. Demand geared down in August in the wake of tighter mortgage lending rules, and has since been running about eight per cent below levels in the first half of the year.


Highlights:

• Home sales down 1.7% from October to November.

• Actual (not seasonally adjusted) activity down 11.9% from November 2011.

• Number of newly listed homes down 0.9% from October to November.

• Housing market remains firmly in balanced territory.

• National average price for home sales down 0.8% on a year-over-year basis in November.

• MLS® HPI up 3.5% in November, marking its smallest gain since May 2011.


The number of home sales processed through the MLS® Systems of real estate Boards and Associations in Canada edged down 1.7 per cent on a month-over-month basis in November 2012. The decline returned activity to where it stood in August following the most recent tightening of mortgage regulations.

Updated CREA Forecast

OTTAWA –December 17, 2012 – The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations in 2012 and 2013.

When CREA’s resale housing forecast was published in September, activity showed the first signs of slowing in the wake of new mortgage lending regulations. Demand has remained at lower levels, and this trend is expected to persist through the end of the year. Lower than projected third quarter sales have downgraded the prospects for activity this year in almost every province.