According to Canadian Real Estate Association (CREA) existing home sales are down by 9.3 per cent in November from year ago levels, but the market shows signs of stabilizing, according to a report released Wednesday.The Canadian Real Estate Association says 32,947 changed hands last month down from the record 36,330 in November of 2009. In the key Toronto market, sales were down even more, by 12.6 per cent.
The national average price was up by only two per cent from November of last year to $344,268. While year over year numbers were down, seasonally adjusted activity rose for the fourth consecutive month, up by 4.8 per cent in November over October. Seasonally adjusted sales are 19.5 per cent above the low point reached in July.
The seasonally adjusted number for inventory stood at 5.8 months supply of listings at the end of November. That is down from 6.1 in October and 7.2 in July. The lower the figure the tighter the market,as it represents the number of months it would take to sell the inventory at the current rate of sales
CREA says the market has been firming since it bottomed in July. One reason is that some potential vendors have taken their homes off the market because of economic uncertainty.New listings remain 14.6 per cent below the peak in April of this year.
From the Toronto Star and Tony Wong/ December 16,2010