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Data table available to media upon request, for purposes of reprinting only.
All figures in this release, unless otherwise noted, are seasonally adjusted to remove normal seasonal variation. Removing regular seasonal variations enables analysis of monthly changes and fundamental trends in the data.
News Release
The Canadian Real Estate Association
Based on a sales-to-new listings ratio of between 40 to 60 per cent, 70 per cent of all local markets in Canada were in balanced market territory in August a greater percentage than at any other time on record (Chart A). There were just 12 buyers markets in August, which was the lowest figure so far this year. The number of months of inventory stood at 6.2 months at the end of August on a national basis, which is little changed from the end of July (6.1 months). The national months of inventory figure has been stable at about six months since April. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is another measure of the balance between housing supply and demand. The actual (not seasonally adjusted) national average price for homes sold in August 2011 stood at $349,916. This is 7.7 per cent above its year-ago level, which marked the low point for 2010. The national average price has moderated compared to earlier this year, with sales activity in Vancouver, and more recently in Toronto, exerting less of an effect on the national average. Their share of provincial and national sales activity reached unusually elevated levels earlier this year, but has since receded in line with normal seasonal variations. Once again, economic and financial market headwinds outside Canada are keeping interest rates lower for longer, said Gregory Klump, CREAs Chief Economist. Those headwinds will likely persist until, and indeed after, fiscal quagmires in the U.S. and Europe are resolved. In the meantime, the Bank of Canada will have ample reason to delay raising interest rates further, which is supportive for the Canadian housing market. PLEASE NOTE: The information contained in this news release combines both major market and national MLS sales information from the previous month. CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types. MLS is a co-operative marketing system used only by Canadas real estate Boards to ensure maximum exposure of properties listed for sale. The Canadian Real Estate Association (CREA) is one of Canadas largest single-industry trade associations, representing more than 100,000 REALTORS working through more than 100 real estate Boards and Associations. Further information can be found at http://www.crea.ca/public/news_stats/media.htm. - 30 -
For more information, please contact: Pierre Leduc, Media Relations The Canadian Real Estate Association Tel.: 613-237-7111 or 613-884-1460 E-mail: pleduc@crea.ca