Wednesday, May 14, 2008

Homes market flooded by sellers


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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