LORI MCLEOD
Globe and Mail Update
May 14, 2008 at 4:23 PM EDT
Home sellers flooded the markets in Toronto and Saskatoon last month, causing listings to surge to a record level in Canada.
The number of resale home listings rose by 17.7 per cent in April from the year before to 67,554 units on an unadjusted basis, according to data released Tuesday by the Canadian Real Estate Association (CREA).
Unit sales dropped by 6.1 per cent from the year before, but edged up by 0.8 per cent compared with March, on a seasonally adjusted basis.
Listings rose by a whopping 121 per cent in Saskatoon from the year before, the biggest increase of any city.
Sales fell the most in Calgary and Edmonton in April with drops of 31.2 per cent and 25.4 per cent respectively. LINK
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I think that this growth was widely expected. Maybe there were some “crisis” concerns but spring is always strongest. I am dealing with West Toronto homes and compare to spring 2007 figures are quite lover but reason could be just that last year was amazingly strong.
CALIFORNIA HOME SALES UP UN JULY
California Real Estate market gave signs of relief. Home sales went up 12.3 percent in July compare to the same month last year. According the Quick Data, a company that monitors Real Estate Activity nationwide.
Of the homes sold 44.8 percent were foreclosure resales.
The median home price last month was 318,000 down 3% from 328,000 for the month before and down 33.5 percent from July a year ago. Most of the drop in home prices is due to the depreciation properties are facing because of the mortgage meltdown.
Not even the most knowledgeable Real Estate indicators know exactly where the market is going. Foreclosure activity is at record levels, banks are asking for tougher requirements, non-owner occupied homes are almost impossible to re-finance.
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