Canada: Existing home sales back to pre-recession level

Posted on June 16th, 2009 Comments Off

According to data released today by the Canadian Real Estate Association, the number of homes sold in Canada in May, on a seasonally adjusted basis, was up for a fourth consecutive month. Moreover, it was 1.3% higher than in last September, that is, the pre-recession level. Today’s Hot Chart (left panel) shows that the turnaround in sales has been accompanied by a drop in new listings. As a result, the ratio of new listings to sales was the lowest in seventeen
months and well within the range where the market is considered balanced. This development reduces the risk of persisting home price deflation and of a corresponding deterioration in household balance sheet. On a regional basis, we note that sales in BC and Quebec more than recovered the ground lost since September. Even Ontario has
shown a significant pick-up in activity in recent months (see right panel).

image

NBF Financial Group…

http://www.news-to-use.com/2009/06/canada-existing-home-sales-back-to-pre.html

This report brought by Moishe Alexander, CFC CEO

By admin Filed under: Abbreviations,CMHC,Canada,Housing Starts,Ontario,Renovation,Statistics,Surveys,Uncategorized,diane finley Tags: , , , , , , , , , , , , , , , , , , , , , , , , ,

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