Once again we saw record-setting sales numbers for the month of October. This brings the year-to-date sales close to, or even higher than, the same period last year. Strong sales growth has occurred across many property classes from price ranges that would attract first-time buyers to luxury properties selling for over one million dollars. Listing inventory remained at a low level, and combined with brisk sales, indicates that we are still in a strong sellers’ market.

“After a short dip in the winter, the average home price has rebounded because sales have been high relative to listings,” according to Jason Mercer, TREB’s (Toronto Real Estate Board) Senior Manager of Market Analysis. “Watch for listings to rebound in 2010 as homeowners react to the strong sales and price growth experienced in the latter half of this year.”

This level of demand combined with a steady decline in inventory levels, particularly in the cities, may lead to some upward pressure on prices in the months ahead although nothing like what we experienced in 2007. We are anticipating that 2009 will now come in as the second best year for sales on record only behind 2007.

Below is a brief summary of sales activities in some areas across the country:

Alberta - Resale Housing Sales Trend Remains Strong through October

Edmonton, November 3, 2009 - Resale housing sales continued their strong trend through October with sales of all housing types in October at the second highest level on record (after October 2006). There were 1,535 residential properties sold in October; up 23% from 2008 but down almost 10% from last month which follows the normal seasonal trend of month to month sales dropping through the fall.

Residential housing prices remained stable within typical ranges for seasonal fluctuations. Prices for single family dwellings were down 2.2%, on average from last month but up marginally (0.12%) from last year. Condominiums were priced down 3.2% from September but the same price as a year ago. Overall, the average residential price in October was $318,969, down 2.5% from last month but up a third of a percent from 2008. Single family dwellings sold for $363,694 and condos sold, on average, for $237,601.

There were 2,205 homes listed on the MLS® System in October with 1,535 sales for a sales-to-listing ratio of 70%. Total available inventory was 5,530 homes which is a typical 3.5 month supply. Homes sold on average in 47 days.

British Columbia – Housing Market Gains Momentum

Vancouver, November 4, 2009 – Strong demand has led to a steady rise in Greater Vancouver home prices compared to last year.

Over the past 12 months, the Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 6.8% to $553,702 from $518,668 in October 2008.
A total of 3,704 residential properties were sold in Greater Vancouver area in October 2009, an increase of 4.1% from sales recorded in September 2009, and an increase of 171.6% compared to October 2008.

At 12,084, the total number of property listings on the MLS® decreased 4.1%  in October compared to last month and declined 37% from this time last year.

Sales of detached properties increased 201.6% to 1,487 from the 493 detached sales recorded during the same period in 2008. The benchmark price, for detached properties increased 7.7% from October 2008 to $749,808.

Sales of apartment properties in October 2009 increased 148.4% to 1,607, compared to 647 sales in October 2008. The benchmark price of an apartment property increased 6.3% from October 2008 to $380,975.

Attached property sales in October 2009 are up 172.3% to 610, compared with the 224 sales in October 2008. The benchmark price of an attached unit increased 4.6% between Octobers 2008 and 2009 to $468,798.

Ontario – Strong Growth in October Housing Sales

Toronto, November 4, 2009 - In October 2009, Greater Toronto REALTORS® reported 8,476 sales, up 64% from October 2008. The average price for October transactions was $423,559—up by 20% compared to the same month last year.

“Strong sales growth has occurred across many property classes—from price ranges that would attract first-time buyers to luxury properties selling for over one million dollars,” said TREB President Tom Lebour. “The highest rate of sales growth in October was experienced for properties selling for over $750,000 dollars. In contrast, luxury home sales declined at an above-average rate last year.”
Year-to-date sales, at 74,721, were up 9% compared to the first ten months of 2008. Average price, at $392,264 was up by almost 3%.

Ottawa, November 4, 2009 - Members of the Ottawa Real Estate Board sold 1,202 residential properties in October compared with 964 in October 2008, an increase of 24.7%. Of those sales, 270 were in the condominium property class, while 932 were in the residential property class.

“Once again we saw record-setting sales numbers for the month of October. This brings our sales year-to-date to four percentage points higher than the same period last year. Ottawa’s resale market has been buoyed by buyers taking advantage of low interest rates,” said Board President Rick Snell. “Listing inventory remains at a low level, and combined with brisk sales, indicates that we are still in a strong sellers’ market here in the capital,” he added.

The average sale price of residential properties, including condominiums, sold in October in the Ottawa area was $318,655, an increase of 13.6% over October 2008. The average sale price for a condominium-class property was $232,046, an increase of 14.6% over October 2008. The average sale price of a residential-class property was $343,745, an increase of 13.3% over October 2008.

Information in this report is collected from the Real Estate Boards operating in each area. The average price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average price is calculated based on the total dollar volume of all properties sold.