Resale Markets Firm Up In October

According to the Conference Board of Canada and their analysis of Real Estate Board data, resale markets are tightening and prices in most areas are rising.  

Locally in Niagara, unit sales figures are up 1.9% from September but still below those from October 2009. The number of resale homes available in October 2010 was still lower, 5% below the numbers in 2009. As some sellers continue to stay out of the market. This has created a well balanced resale market in Niagara and kept prices healthy, rising 5.8% ahead of those in 2009.

In there survey, the Conference Board identified Kitchener as having the highest year over price increases in resale markets at 18.1% with Newfoundland coming in a close second at 17.8%

Nationally In summary....

• Resale volumes continued to improve modestly in October, with sales coming in above their September levels in 16 of our 28 markets.

• Sales were below their October 2009 levels in 27 of 28 markets. (However, the pace of sales in October 2009 was unsustainably high.)

• Soft markets have kept sellers on the sideline, cutting October listings from their month-earlier levels in 19 markets and from a year earlier in 15.

• The recent rise in sales, combined with the continued declines in listings, led to a rise in the sales-to-listings ratio in 20 markets on a monthly basis in October.

Only one market—Québec City—remained a “buyer’s” market in October, down from four in September.

• The slight tightening in markets led to rising prices on a month-over-month basis in 17 markets. However, prices were below year-earlier levels in four markets.