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Home sales continue to cool in June Hide Body

OTTAWA – July 15th, 2010 – Statistics released by The Canadian Real Estate Association (CREA) show that the number of newly listed homes and home sales activity declined in June 2010.

Seasonally adjusted national home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards receded 8.2 per cent in June from the previous month. Led by lower activity in Toronto and Calgary, sales declined in almost 70 per cent of local markets.

Tightened mortgage regulations and anticipated interest rate increases cooled sales activity throughout the
second quarter, resulting in a decline of 13.3 per cent from near-record levels in the first quarter. As expected,
these two national factors contributed to a widespread decline in activity, with transactions down in all but a dozen
or so smaller markets.

Actual (not seasonally adjusted) national sales activity was 19.7 per cent lower in June 2010 compared to last year, when activity almost reached a new record for the month. Actual sales activity in the second quarter stood 2.8 per cent below levels reported in the second quarter of 2009. For the year-to-date, transactions are up 13.6 per cent compared to the first six months of last year. This gap is expected to shrink as the year progresses, since activity trended upward over the second half of last year and is forecast to continue easing over the second half of 2010.

The number of newly listed homes on Canadian MLS® Systems in June 2010 declined by 6.8 per cent from the previous month, following a monthly decline of 4.8 per cent in May. A declining trend in new listings will help maintain the balance between supply and demand, and temper home price volatility.

The national average price of homes sold via Canadian MLS® Systems rose 4.9 per cent on a year-over-year basis in June to $342,662.

For the full report please click on the attachment below

Ed Pakstas (Broker)
c/o Sutton On The Bay Realty Ltd. Brokerage
Direct Line: 705.444.0060 | 888.442.0060
Office: 705.422.0064 | Fax: 705.422.0068
Web: www.CollingwoodCondos.com

Servicing the Collingwood Blue Mountain Real Estate Market Since 1995 (Not intended to solicit properties already listed for sale)

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[Posted: 07/15/2010 09:35 AM]

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