Ottawa, ON, October 15, 2012 – According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity rebounded slightly in September 2012, marking the first monthly increase since the spring.
- Home sales up 2.5% from August to September.
- Actual (not seasonally adjusted) activity down 15.1% from September 2011.
- Number of newly listed homes up 6.5% from August to September.
- Market remains firmly in balanced territory, but conditions have eased.
- National average home price up 1.1% on a year-over-year basis in September.
- The MLS® HPI rose 3.9% in September, its smallest gain since May 2011.
The number of home sales processed through the MLS® Systems of real estate Boards and Associations in Canada rose 2.5 per cent on a month-over-month basis in September 2012. This marks the first monthly gain in activity since March 2012 and a partial recovery from the 6.2 per cent drop recorded in August in the wake of new mortgage rules.
Activity picked up in about 60 per cent of local markets in September, including Greater Vancouver, Calgary, Edmonton, Greater Toronto, and Quebec City.
The national sales-to-new listings ratio, a measure of market balance, stood at 49 per cent in September 2012, remaining near the midpoint of a balanced market. Based on a sales-to-new listings ratio of between 40 to 60 per cent, a little less than two thirds of all local markets were in balanced market territory in September.