Home sales listings set record in July
August 29, 2008
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THE CANADIAN PRESS
For the first time ever the number of new listings of homes for sale across Canada surpassed 80,000 in July, setting a new record, figures released by the Canadian Real Estate Association on Friday show.
The Multiple Listing Service residential listings came in at 80,147 units in July, up 1.4 per cent from June and up by half a per cent over the previous record set in May, said CREA.
This is the first time in any month that new listings surpassed 80,000 units, the association said, adding that listings are up across the country as people rush to take advantage of high home prices.
New listings reached new heights in Ontario and Quebec.
In Manitoba, they climbed to their second-highest level since the beginning of the new millennium.
CREA said the rise in national listings more than offset a monthly decline in the number of new listings in Alberta, where levels have been retreating from a peak reached in March.
With new listings easing in Alberta, the balance in the housing market is becoming more stable as prices in Edmonton and Calgary soften, said CREA.
Meanwhile, seasonally adjusted national sales activity in July was stable compared to June.
The average price of a home based on MLS figures slipped by 2.4 per cent year-over-year in July.
That compared to an average price decline of 3.6 per cent in major markets reported by CREA in early August.
thestar.com