To keep you posted of the current market, the following is part of a report just released by Canada Mortgage and Housing Corporation.
Existing Home Market
So far in 2013, the average monthly growth rate of seasonally adjusted Multiple Listing Service(MLS)sales, new listings and prices have all been positive. This follows a period of average monthly declines that held sway over the last half of 2012. Specially, seasonally adjusted MLS sales and new listings have both seen average monthly increases of 0.5 per cent over the first four months of 2013.This contrasts with average monthly declines of 1.2 per cent in sales and 0.9 per cent in new listings over the last half of 2012. Similarly, the MLS Home Price Index registered a third consecutive monthly increase in April, which is a marked change from the trend of consecutive monthly declines that was observed between July 2012 and January 2013.
MLS® new listings decrease in April
The seasonally adjusted annual rate of MLS sales remained relatively unchanged in April at 432,516 units. On the other hand, the seasonally adjusted annual rate of MLS new listings registered a slight decline of 0.9 per cent in April, to 858,672 units from 866,112 units in March.
Balanced market conditions continue in April
An indicator of price pressure in the existing home market is the sales-to-new listings ratio. New listings are a gauge of the supply of existing homes, while MLS sales are a proxy for demand. The sales-to-new listings ratio remained in balanced market conditions in April, as relatively stable MLS sales combined with lower MLS new listings led to a modest increase in the ratio to 50.4 per cent in April, from 49.7 per cent in March. Market conditions have been balanced since November 2011. In addition, the sales-to-new listings ratio has been particularly stable since mid-2012, reflecting the similar pace of moderation in MLS sales and new listings over that period.