The number of homes put up for sale soars to new record
The number of homes put up for sale through multiple listing services across Canada broke through 80,000 for the first time in July, setting a record for new listings in a single month, says the Canadian Real Estate Association.
That suggests the balance of power is shifting toward buyers, association president Calvin Lindberg said in a statement, because “the more listings there are on the market, the bigger the impact on the average price.”
“It means a market when buyers have more options, and sellers must be realistic in their pricing expectations,” he continued.
Propelled by record numbers of new MLS residential listings in Ontario and Quebec, the national figure hit 80,147 in the month, up 1.4 per cent from June and 0.5 per cent above the previous record set in May 2008, the statement said.
“The continuing rise in the number of new listings is resulting in a considerably more balanced resale housing market this year than buyers faced last year,” it said. “This trend is most apparent in British Columbia and Saskatchewan, which remained the most balanced provincial markets in July.”
The market tightened somewhat in Alberta as new listings continued to retreat from a peak reached in March.
But with prices softening in Alberta, the national average MLS home sale price was down 2.4 per cent from a year earlier to $302,298.
By contrast, average prices were at their highest levels for the month of July in all other provinces except British Columbia and the highest level in any month in Newfoundland and Labrador.
The association, based in Ottawa, represents more than 90,000 brokers and other sales people working through real estate boards and associations across the country.
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