As anticipated, the National resale housing activity climbed further in February according to statistics released by the Canadian Real Estate Association (CREA). The recent announcement of tighter mortgage regulations, which will come into effect this March, have pulled forward sales activity into the first quarter of 2011, particularly in some of Canada’s more expensive housing markets such as the Greater Toronto Area (GTA).

Sales activity has been on the rise and prices have been stable since last autumn. Because sales activity and new supply rose in tandem in February, just over half of local markets in Canada were in balanced market territory.
 
Ontario - average selling price up in February

Toronto, March 3, 2011 - Greater Toronto REALTORS® reported 6,266 transactions in February 2011. This result was 14% lower than the record sales reported in February 2010.

While not representing a record, February 2011 sales were 50% higher than the number reported in February 2009 during the recession and slightly higher than the average February sales over the previous ten years.

"Continued improvement in the GTA economy, including growth in jobs and incomes and a declining unemployment rate, has kept the demand for ownership housing strong," said Toronto Real Estate Board (TREB) President Bill Johnston.

The average selling price for February 2011 transactions was $454,423, which was more than 5% higher than the average selling price reported in February 2010.

"Market conditions remain quite tight in the GTA. There is enough competition between home buyers to promote continued price growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.

The median price in February was $379,000, up from the $366,300 recorded during February of 2010.

Ottawa, March 3, 2011 - Members of the Ottawa Real Estate Board sold 936 residential properties in February  compared with 1,030 in February 2010, a decrease of 9.1%.

Of those sales, 213 were in the condominium property class, while 723 were in the residential property class. The condominium property class includes any property, regardless of style (i.e., detached, semi-detached, apartment, stacked, etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

“Once again we’re seeing sales numbers very close to the five-year average for February, which is 962 sales. It’s important to note that the homes that sold last month did so far more quickly than in January, spending an average of just 33 days on the market. As well, prices rose slightly more than they had in the previous two months which indicate we still have a very steady market here in Ottawa,” said Board President Joanne Tibbles. “This tells us that there is a demand for resale homes in Ottawa, and that when buyers see the home they want, they’re going after it, perhaps even going up against other bidders,” Tibbles added.

The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $338,408, an increase of 6.7% over February 2010. The average sale price for a condominium-class property was $260,112, an increase of 6% over February 2010. The average sale price of a residential-class property was $361,475, an increase of 6.9% over February 2010.
 
Alberta - February housing prices mirror 2009 after increasing from January

Edmonton, March 2, 2011 - It was 2009 all over again if the housing figures released by the REALTORS® Association of Edmonton are any indication. Prices for all categories of residential property sold in February mirrored prices in the same month in 2009 after showing pricing gains from January this year.

Single family detached properties sold for $359,934 on average* in February; up 1% from January. The February price was down 3.1% from a year ago but close to the $349,810 price in February 2009. Condo prices followed the same pattern. At $230,911 on average, condos were up 4.5% from a month ago but down 0.65% year over year. In February 2009, condos sold for $229,685. The average price for a duplex/rowhouse in February was $303,440; up 2% from January but down 5.6% from a year ago. In 2009, the February price for this category was $288,379.

"Sales and prices in early 2010 were pushed up by the impending mortgage rate increases and qualification changes," explained REALTORS® Association of Edmonton President Chris Mooney. "Now that the market is stable, price levels have returned to the 2009 levels. However, the price increases for all housing types from January indicate the slow upward movement that local REALTORS® anticipated."

The all-residential average price (including single family, condo, duplex, townhouse, mobile home and other residential housing types) was up 0.75% from January but down 1.8% from a year ago. However, at $312,840 it matched the February 2009 price at $310,488.

In Edmonton, 2,631 residential properties were listed in February and a total of 1,044 properties sold. Current residential inventory is 6,389, up 13.4% from last month. The sales-to-listing ratio in February was 39% with days on market down from 67 to 58 days. "With the recent announcement by the Bank of Canada that interest rates are not being raised, consumers can have confidence in the strength of the local real estate market," said Mooney.
 
British Columbia- home sales to climb 8% in 2011

Vancouver, February 23, 2011 - The British Columbia Real Estate Association (BCREA) released its Housing Forecast for the first quarter of 2011 today.

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 8% from 74,640 units in 2010 to 80,900 units this year, and increase another 4% to 83,950 units in 2012.
"British Columbia housing markets are returning to normal after two years of volatility," said Cameron Muir, British Columbia Real Estate Association (BCREA) Chief Economist. "Employment and population growth will fuel consumer demand over the next two years. However, higher mortgage interest rates and tighter credit conditions for low equity home buyers will limit home sales to below the ten-year average of 87,600 units."

"Total active residential listings in the province declined 14% since last spring. However, the inventory of homes for sale is expected to edge higher as the number of new listings to the market advances during the first two quarters of 2011," added Muir. "Regional market differences continue in the province, with Vancouver trending into a seller’s market, while the Okanagan, Kootenay and Kamloops markets trend from a buyer’s market toward balanced conditions."

The average MLS® residential price is forecast to increase 2% to $517,000 this year and remain relatively unchanged in 2012, albeit declining by 0.4% to $515,400.

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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.