OTTAWA – January 16, 2012 – According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity posted an increase from November to December 2011.
- Sales activity rose 1.8 per cent from November to December.
- Annual activity totalled 456,749 sales in 2011, up 2.2 per cent from 2010.
- The number of newly listed homes increased 3 per cent from November to December.
- A simultaneous increase in sales and new listings kept the national resale housing in balanced territory.
- The national average home price was up just 0.9 per cent on a year-over-year basis in December, marking the smallest increase since October 2010.
Sales activity recorded through the MLS® Systems of Canadian real estate Boards and Associations rose 1.8 per cent from November to December 2011, marking the fourth consecutive monthly increase.
A total of 456,749 homes traded hands via Canadian MLS® Systems in 2011. This stands broadly in line with the average over the past ten years, and represents an increase of 2.2 per cent from annual levels reported in 2010.
“The momentum in sales activity provides clear evidence that low interest rates continue to draw homebuyers to the housing market,” said Gary Morse, CREA President. “While buyers have become increasingly cautious, the hand off for sales activity going into the New Year suggests that Canada’s housing market will continue to benefit from low interest rates in 2012, and continue making a significant contribution to Canadian economic activity. Even so, prospects among housing markets and neighbourhoods differ, so buyers and sellers should talk to a local REALTOR® to understand how trends are shaping up where they live.”