A total of 39,721 existing homes across Canada were sold via the nation’s Multiple Listing Service in November, down 3.8 percent compared to November 2005 and up 1.2 percent compared to October, according to seasonally adjusted statistics released today by The Canadian Real Estate Association.

“British Columbia and Alberta fueled most of the monthly increase in national sales activity,” the association reported.

Sales activity for the first 11 months this year was up by 0.1 percent compared to the same period last year. Year-to-date sales activity was ahead of levels for the same period in previous years in seven provinces — Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, Prince Edward Island and Newfoundland.

There were a seasonally adjusted 67,024 new listings in November, the association also reported, which was up 4.9 percent compared to November 2005 and down 2.7 percent compared to October. It was the highest monthly total for new listings on record.

“The monthly decline in new listings nationally resulted from fewer listings in British Columbia and Alberta. By contrast, new listings reached the highest level on record in Quebec, and the second-highest level in Newfoundland,” according to the announcement.

“The monthly increase in sales activity and decline in new listings caused the national resale housing market to tighten. The market remains tightest in the Prairie Provinces.”

The national MLS average home price rose by 9.6 percent year-over-year in November to $242,752 (in U.S. dollars at the current exchange rate). The MLS residential average price reached its highest monthly level on record in Alberta, New Brunswick and Prince Edward Island, and set new records for the month of November in almost every other province, the association reported.

Seasonally adjusted MLS residential dollar volume was valued at $11.3 billion in November 2006, representing an increase of 0.8 percent compared to the previous month. MLS dollar volume set records in Alberta and Manitoba, and reached its highest level for the month of November in British Columbia, Saskatchewan, Quebec and Newfoundland.

Source:

http://www.inman.com/inmannews.aspx?ID=60449