Another sharp decline for MLS® home sales in November
Dec 17th 2008, 1:11 pm
#1
RETIRED Realtor
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Joined: Aug 2006
Location: Winnipeg, Manitoba
Posts: 2,087
Another sharp decline for MLS® home sales in November
The number of properties sold via the MLS® systems of real estate boards in Canada posted a second consecutive steep decline in November 2008, according to statistics released by The Canadian Real Estate Association (CREA).
Seasonally adjusted residential MLS® sales activity numbered 27,743 units in November 2008, the lowest level for monthly activity since January 2001. While not as severe as the decline recorded in October, this is still down 12.3 per cent on a month-over-month basis. Seasonally adjusted activity was down from levels recorded in October in 85 per cent of Canadian housing markets.
However, year-over-year declines in the MLS® average home price were reported in fewer than half of all markets. Lower activity and the decline in average prices in Canada’s priciest housing markets continue weighing on the overall national MLS® residential average price.
The national average price of homes sold via the MLS® in November 2008 declined by 9.8 per cent from where it stood a year ago. The national decline reflects further declines in both activity and price in British Columbia, Alberta and Ontario.
The price trend is similar but less dramatic for the weighted national MLS® average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. The weighted national MLS® average price dropped by 4.7 per cent year-over-year in November.
The MLS® price trend in Canada’s major markets was similar to the national trend. The major market average home price declined by 9.9 per cent in November from a year ago. Year-over-year declines in average prices were limited to a handful of higher-priced major markets (Greater Vancouver, Victoria, Calgary, Edmonton, Oshawa and Toronto). The weighted major market average price declined by a more modest 3.0 per cent year-over-year in November.
"The housing market reflects the economic reality in Canada," says CREA President Calvin Lindberg. Based on research done for CREA that measures economic benefits of MLS® sales, the decline in housing activity for the year to date translates into $2.8 billion less in spin-off consumer spending.
"But we should not lose sight of the fact the World Economic Forum labeled Canadian Banks as the soundest banks in the world, and remember that Canada is the only country of the G8 not running a deficit," the CREA President added.
Seasonally adjusted dollar volume for MLS® sales totaled $7.9 billion in November 2008, down 11.7 per cent from the previous month and the lowest level since January 2004. British Columbia, Alberta, Ontario and Quebec account for more than 90 per cent of the monthly decline in dollar volume.
Seasonally adjusted dollar volumes for MLS® home sales in major markets declined by 10 per cent in November from the previous month. Some 95 per cent of the monthly decline in major market dollar volume was due to weaker volumes in markets located in the four provinces accounting for the bulk of the monthly national decline in dollar volume.
"These changes in the Canadian housing market reflect a broader and weakened picture of both the economy and buyer sentiment," said CREA Chief Economist Gregory Klump. "National sales activity and price trends will continue reflecting increased cautiousness on the part of lenders and buyers, as the economy works its way through and out of the current recession."
PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month. The Canadian Real Estate Association has previously released these separately.
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 neighborhoods 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 Canada's real estate Boards to ensure maximum exposure of properties listed for sale.
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 98,000 REALTORS® working through more than 100 real estate Boards and Associations. Further information can be found at www.crea.ca.
Seasonally adjusted residential MLS® sales activity numbered 27,743 units in November 2008, the lowest level for monthly activity since January 2001. While not as severe as the decline recorded in October, this is still down 12.3 per cent on a month-over-month basis. Seasonally adjusted activity was down from levels recorded in October in 85 per cent of Canadian housing markets.
However, year-over-year declines in the MLS® average home price were reported in fewer than half of all markets. Lower activity and the decline in average prices in Canada’s priciest housing markets continue weighing on the overall national MLS® residential average price.
The national average price of homes sold via the MLS® in November 2008 declined by 9.8 per cent from where it stood a year ago. The national decline reflects further declines in both activity and price in British Columbia, Alberta and Ontario.
The price trend is similar but less dramatic for the weighted national MLS® average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. The weighted national MLS® average price dropped by 4.7 per cent year-over-year in November.
The MLS® price trend in Canada’s major markets was similar to the national trend. The major market average home price declined by 9.9 per cent in November from a year ago. Year-over-year declines in average prices were limited to a handful of higher-priced major markets (Greater Vancouver, Victoria, Calgary, Edmonton, Oshawa and Toronto). The weighted major market average price declined by a more modest 3.0 per cent year-over-year in November.
"The housing market reflects the economic reality in Canada," says CREA President Calvin Lindberg. Based on research done for CREA that measures economic benefits of MLS® sales, the decline in housing activity for the year to date translates into $2.8 billion less in spin-off consumer spending.
"But we should not lose sight of the fact the World Economic Forum labeled Canadian Banks as the soundest banks in the world, and remember that Canada is the only country of the G8 not running a deficit," the CREA President added.
Seasonally adjusted dollar volume for MLS® sales totaled $7.9 billion in November 2008, down 11.7 per cent from the previous month and the lowest level since January 2004. British Columbia, Alberta, Ontario and Quebec account for more than 90 per cent of the monthly decline in dollar volume.
Seasonally adjusted dollar volumes for MLS® home sales in major markets declined by 10 per cent in November from the previous month. Some 95 per cent of the monthly decline in major market dollar volume was due to weaker volumes in markets located in the four provinces accounting for the bulk of the monthly national decline in dollar volume.
"These changes in the Canadian housing market reflect a broader and weakened picture of both the economy and buyer sentiment," said CREA Chief Economist Gregory Klump. "National sales activity and price trends will continue reflecting increased cautiousness on the part of lenders and buyers, as the economy works its way through and out of the current recession."
PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month. The Canadian Real Estate Association has previously released these separately.
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 neighborhoods 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 Canada's real estate Boards to ensure maximum exposure of properties listed for sale.
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 98,000 REALTORS® working through more than 100 real estate Boards and Associations. Further information can be found at www.crea.ca.
Dec 17th 2008, 1:16 pm
#2
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Posts: 520
Re: Another sharp decline for MLS® home sales in November
The number of properties sold via the MLS® systems of real estate boards in Canada posted a second consecutive steep decline in November 2008, according to statistics released by The Canadian Real Estate Association (CREA).
Seasonally adjusted residential MLS® sales activity numbered 27,743 units in November 2008, the lowest level for monthly activity since January 2001. While not as severe as the decline recorded in October, this is still down 12.3 per cent on a month-over-month basis. Seasonally adjusted activity was down from levels recorded in October in 85 per cent of Canadian housing markets.
However, year-over-year declines in the MLS® average home price were reported in fewer than half of all markets. Lower activity and the decline in average prices in Canada’s priciest housing markets continue weighing on the overall national MLS® residential average price.
The national average price of homes sold via the MLS® in November 2008 declined by 9.8 per cent from where it stood a year ago. The national decline reflects further declines in both activity and price in British Columbia, Alberta and Ontario.
The price trend is similar but less dramatic for the weighted national MLS® average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. The weighted national MLS® average price dropped by 4.7 per cent year-over-year in November.
The MLS® price trend in Canada’s major markets was similar to the national trend. The major market average home price declined by 9.9 per cent in November from a year ago. Year-over-year declines in average prices were limited to a handful of higher-priced major markets (Greater Vancouver, Victoria, Calgary, Edmonton, Oshawa and Toronto). The weighted major market average price declined by a more modest 3.0 per cent year-over-year in November.
"The housing market reflects the economic reality in Canada," says CREA President Calvin Lindberg. Based on research done for CREA that measures economic benefits of MLS® sales, the decline in housing activity for the year to date translates into $2.8 billion less in spin-off consumer spending.
"But we should not lose sight of the fact the World Economic Forum labeled Canadian Banks as the soundest banks in the world, and remember that Canada is the only country of the G8 not running a deficit," the CREA President added.
Seasonally adjusted dollar volume for MLS® sales totaled $7.9 billion in November 2008, down 11.7 per cent from the previous month and the lowest level since January 2004. British Columbia, Alberta, Ontario and Quebec account for more than 90 per cent of the monthly decline in dollar volume.
Seasonally adjusted dollar volumes for MLS® home sales in major markets declined by 10 per cent in November from the previous month. Some 95 per cent of the monthly decline in major market dollar volume was due to weaker volumes in markets located in the four provinces accounting for the bulk of the monthly national decline in dollar volume.
"These changes in the Canadian housing market reflect a broader and weakened picture of both the economy and buyer sentiment," said CREA Chief Economist Gregory Klump. "National sales activity and price trends will continue reflecting increased cautiousness on the part of lenders and buyers, as the economy works its way through and out of the current recession."
PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month. The Canadian Real Estate Association has previously released these separately.
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 neighborhoods 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 Canada's real estate Boards to ensure maximum exposure of properties listed for sale.
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 98,000 REALTORS® working through more than 100 real estate Boards and Associations. Further information can be found at www.crea.ca.
Seasonally adjusted residential MLS® sales activity numbered 27,743 units in November 2008, the lowest level for monthly activity since January 2001. While not as severe as the decline recorded in October, this is still down 12.3 per cent on a month-over-month basis. Seasonally adjusted activity was down from levels recorded in October in 85 per cent of Canadian housing markets.
However, year-over-year declines in the MLS® average home price were reported in fewer than half of all markets. Lower activity and the decline in average prices in Canada’s priciest housing markets continue weighing on the overall national MLS® residential average price.
The national average price of homes sold via the MLS® in November 2008 declined by 9.8 per cent from where it stood a year ago. The national decline reflects further declines in both activity and price in British Columbia, Alberta and Ontario.
The price trend is similar but less dramatic for the weighted national MLS® average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. The weighted national MLS® average price dropped by 4.7 per cent year-over-year in November.
The MLS® price trend in Canada’s major markets was similar to the national trend. The major market average home price declined by 9.9 per cent in November from a year ago. Year-over-year declines in average prices were limited to a handful of higher-priced major markets (Greater Vancouver, Victoria, Calgary, Edmonton, Oshawa and Toronto). The weighted major market average price declined by a more modest 3.0 per cent year-over-year in November.
"The housing market reflects the economic reality in Canada," says CREA President Calvin Lindberg. Based on research done for CREA that measures economic benefits of MLS® sales, the decline in housing activity for the year to date translates into $2.8 billion less in spin-off consumer spending.
"But we should not lose sight of the fact the World Economic Forum labeled Canadian Banks as the soundest banks in the world, and remember that Canada is the only country of the G8 not running a deficit," the CREA President added.
Seasonally adjusted dollar volume for MLS® sales totaled $7.9 billion in November 2008, down 11.7 per cent from the previous month and the lowest level since January 2004. British Columbia, Alberta, Ontario and Quebec account for more than 90 per cent of the monthly decline in dollar volume.
Seasonally adjusted dollar volumes for MLS® home sales in major markets declined by 10 per cent in November from the previous month. Some 95 per cent of the monthly decline in major market dollar volume was due to weaker volumes in markets located in the four provinces accounting for the bulk of the monthly national decline in dollar volume.
"These changes in the Canadian housing market reflect a broader and weakened picture of both the economy and buyer sentiment," said CREA Chief Economist Gregory Klump. "National sales activity and price trends will continue reflecting increased cautiousness on the part of lenders and buyers, as the economy works its way through and out of the current recession."
PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month. The Canadian Real Estate Association has previously released these separately.
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 neighborhoods 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 Canada's real estate Boards to ensure maximum exposure of properties listed for sale.
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 98,000 REALTORS® working through more than 100 real estate Boards and Associations. Further information can be found at www.crea.ca.
I'm due to relocate to Calgary soon, although I do think Canada is sliding into recession too. Sort of where we were in the UK in Feb/March of this year.
Sounds grim I must admit.
Yogi
Last edited by Yogi-Bear; Dec 17th 2008 at 1:17 pm. Reason: Wrong smiley
Dec 17th 2008, 1:58 pm
#3
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Re: Another sharp decline for MLS® home sales in November
Are houses in Ontario going down in price yet? If so at what rate are they dropping?
We are looking to move to Milton/Oakville area so I am interested in knowing what the situation with house prices are.
Thanks!
We are looking to move to Milton/Oakville area so I am interested in knowing what the situation with house prices are.
Thanks!
Dec 17th 2008, 2:12 pm
#4
RETIRED Realtor
Thread Starter
Joined: Aug 2006
Location: Winnipeg, Manitoba
Posts: 2,087
Re: Another sharp decline for MLS® home sales in November
Its really only Alberta, BC and Ontario that are showing the large price drops. The bigger the Boom the deeper the Bust.
Here in Sunny Manitoba sales were up 4% on last November and up 13% on the year to date. The market is slower, but far from dead.
Here in Sunny Manitoba sales were up 4% on last November and up 13% on the year to date. The market is slower, but far from dead.
Dec 17th 2008, 2:14 pm
#5
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Re: Another sharp decline for MLS® home sales in November
Do you know of any websites I could visit to find out this information?
Thanks!
Dec 17th 2008, 2:17 pm
#6
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Joined: Oct 2008
Location: Red Deer, Alberta
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Re: Another sharp decline for MLS® home sales in November
Hi
so I suppose that means that we should wait a bit before buying to see if it carries on falling.
With the amounts people have had to reduce their houses for sale in the UK, it really does seem like swings and roundabouts.
so I suppose that means that we should wait a bit before buying to see if it carries on falling.
With the amounts people have had to reduce their houses for sale in the UK, it really does seem like swings and roundabouts.
Dec 17th 2008, 2:26 pm
#7
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Re: Another sharp decline for MLS® home sales in November
http://www.omdreb.on.ca/
Dec 17th 2008, 2:31 pm
#8
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Re: Another sharp decline for MLS® home sales in November
This is a Realtors website for Oakville/Milton. Keep in mind that they have a vested interest in selling properties so all info may not be totally objective.
http://www.omdreb.on.ca/
http://www.omdreb.on.ca/
Dec 17th 2008, 2:46 pm
#9
Born again atheist
Joined: Jul 2005
Location: Europe (to be specified).
Posts: 30,259
Re: Another sharp decline for MLS® home sales in November
This is a Realtors website for Oakville/Milton. Keep in mind that they have a vested interest in selling properties so all info may not be totally objective.
http://www.omdreb.on.ca/
http://www.omdreb.on.ca/
http://www.movesmartly.com/
Dec 17th 2008, 2:54 pm
#10
Assimilated Pauper
Joined: Mar 2005
Location: Ontario
Posts: 40,018
Re: Another sharp decline for MLS® home sales in November
Here's a useful site for the GTA. It even has the much sought after "good school" rankings.
http://www.movesmartly.com/
http://www.movesmartly.com/
Dec 17th 2008, 2:59 pm
#11
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Location: Europe (to be specified).
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Dec 17th 2008, 3:04 pm
#13
Born again atheist
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Dec 17th 2008, 3:08 pm
#14
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Posts: 72
Re: Another sharp decline for MLS® home sales in November
I know I'm being selfish. :P
Dec 17th 2008, 7:52 pm
#15
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Re: Another sharp decline for MLS® home sales in November
[QUOTE=LadyRayden;7076120]*sigh* I wish it would slow down in Montreal area. Enough with my house in the UK, I want to have my share somewhere.
Every cloud has a silver lining so to speak ~ as the original poster has quoted that house prices are down , but as are interest rates and fuel prices , giving the average canadian more disposable income .It certainly helps the young to now be able to get a foot on the previously highly inflated housing ladder
Every cloud has a silver lining so to speak ~ as the original poster has quoted that house prices are down , but as are interest rates and fuel prices , giving the average canadian more disposable income .It certainly helps the young to now be able to get a foot on the previously highly inflated housing ladder