According to the Canadian Real Estate Association (CREA), "The national MLS® residential average price rose 10.2 per cent year-over-year to $282,156 in October 2006 – the ninth double-digit increase of the year. MLS® residential average price reached the highest monthly level on record in British Columbia and Alberta, and set new records for the month of August in every province except New Brunswick and Newfoundland. Price increases remained highest in British Columbia and Alberta."
"New MLS® listings totaled 67,122 units in October – a decline of 1.9 per cent from September, but still the fifth highest monthly level on record. New listings reached the highest level in a decade in British Columbia, and their third highest level on record in Alberta.
The month-over-month decline in new listings was larger than the decline in sales activity. While the national resale housing market tightened slightly as a result, it remains more balanced than at almost any other time in the past five years.
The resale housing market remains tightest in Saskatchewan, Manitoba, and to a lesser extent in Alberta. A more balanced market continues to be the story in Central and Atlantic Canada. British Columbia has also become more balanced as sales continue to trend lower while the number of listings climbs." Source: CREA
Do you have questions about the local market? If so, please feel welcome to call me for a no-obligation discussion on where our locla market is headed. Call Dan McCarthy today at 604-649-1541.
