Canadian Real Estate Market Remains Well Balanced

Following compilation of February sales activity the Canadian Real Estate Association (CREA) found that the levels of residential resales are typical for the time of year.

While actual sales activity registered almost 6 per cent below the same month in 2010 it is on the same level with the five year average for February.

The amount of newly listed properties for sale in Canada increased during February for the 2nd consecutive month as predicted by CREA who forecast that 2011 would see more homeowners putting their properties up for sale following a more balanced market and increased demand.

The average house price during February reached $365,190 an increase of almost 9 per cent on February 2010 although in reality the national house price increase was nearer to 3.5 per cent if you exclude an unusually high number of large dollar properties sold in the Greater Vancouver area.

On the whole although there are several buyers' and sellers' markets throughout the country most local housing markets are currently well balanced.

Ted Wiggins

Ted Wiggins

Real Estate Broker
CENTURY 21 United Realty Inc., Brokerage*
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