Home prices continued to rise in April at the usual moderate rate, demonstrating a solid demand for resale homes in many provinces clearly indicating a healthy and balanced market.

“There is a lot of activity in the local market and the situation changes every day and from neighbourhood to neighbourhood,” explained REALTORS® Association of Edmonton President Chris Mooney. “Only your REALTOR® has access to the most up-to-date sales activity and sold prices. He or she is prepared to work closely with you to locate your next dream home or sell the property that no longer meets your lifestyle needs.”

Ontario - Tight market results in strong price growth in April

Toronto, May 4, 2011 - Greater Toronto REALTORS® reported 9,041 existing home sales in April 2011. This result was down 17% compared April 2010 when sales spiked to a new record of 10,898. While off last year's record result, April 2011 sales were in line with the average April sales level reported over the previous five years.

"Existing home sales have been strong from a historic perspective through the first four months of 2011. Expect the pace of sales to remain robust through the spring, as the economy expands and home buyers continue to benefit from affordable home ownership opportunities," said Toronto Real Estate Board (TREB) President Bill Johnston.

Market conditions tightened markedly over the last year. April 2011 sales accounted for 62% of new listings during the month – up substantially from 53% in April 2010. Tighter conditions resulted in the average April selling price growing by 9% annually to $477,407.

"The number of listings has been below expectations so far this year. Increased competition between home buyers has led to an accelerating annual rate of price growth," said Jason Mercer, TREB's Senior Manager of Market Analysis. "The strong price growth experienced in April should result in more listings and more balanced market conditions."

The median price was $402,000 In April, compared to $373,000 recorded during April of 2010.
 
Ottawa, May 4, 2011 - Members of the Ottawa Real Estate Board sold 1,536 residential properties in April compared with 1,814 in April 2010, a decrease of 15.3%. The five-year average for home sales in April is 1,612. Of those sales, 316 were in the condominium property class, while 1,220 were in the residential property class.

“Sales in April 2010 soared well above average in advance of the implementation of the Harmonized Sales Tax in Ontario last July. Normally in Ottawa, we see a brisker sales period beginning at the end of April or early May, but last year’s spring market started earlier by about three months due to the HST. That surge in sales pushed April’s five-year average up significantly; it’s not out of the ordinary for about 1,500 homes to be sold in April in our market,” said Board President Joanne Tibbles.

“Home prices still continued to rise at the usual moderate rate last month, demonstrating a solid demand for resale homes in Ottawa. Re-sale housing inventory is up 17.2% from this time last year, indicating that Ottawa is clearly in a healthy, balanced market,” Tibbles added.

The average sale price of residential properties, including condominiums, sold in April in the Ottawa area was $351,226, an increase of 5.4% over April 2010. The average sale price for a condominium-class property was $255,232, an increase of 2.1% over April 2010. The average sale price of a residential-class property was $376,090, an increase of 5.4% over April 2010.
 

British Columbia - Home sales slow after strong first quarter

Vancouver, May 12, 2011 - The British Columbia Real Estate Association (BCREA) reported that residential unit sales in the province declined 14% to 7,187 units in April compared to the same month last year. The average MLS® residential price climbed 16% to $598,308 last month compared to April 2010.

"BC home sales edged lower in April as the result of home purchases that were pulled forward during the first quarter," said Cameron Muir, BCREA Chief Economist. "The province’s housing markets continue to exhibit a two steps forward, one step back trajectory in tandem with economic and employment growth."

Year-to-date, BC residential sales dollar volume increased 14% to $15.4 billion, compared to the same period last year. Residential unit sales edged back 1.0% to 26,334 units, while the average MLS® residential price rose 15.5% to $586,466 over the same period.

Alberta - Local housing market well-balanced: able to meet reasonable expectations

Edmonton, May 3, 2011 - According to the REALTORS® Association of Edmonton, the average price of housing remained relatively stable through April as compared to the previous month. The all-residential average price decreased $310 to $327,415; down from $327,725 in March. Single family home prices decreased $425 while condo prices rose $1,305 (0.6%) during the month. Despite the activity the market is balanced without a distinct advantage for either buyer or seller.

“Prices and sales usually increase in the second quarter and REALTORS® are busy serving new and repeat customers,” explained REALTORS® Association of Edmonton President Chris Mooney. “The increase in new listings means that there is a good selection of homes to choose from. However, the market is still price sensitive and sellers will have to have a realistic pricing strategy if they are expecting a quick sale.”

Residential sales were 1,487, down 7.8%; compared to 1,613 in March. Residential listing activity rose from 2,958 units in March to 3,278 units in April. Inventory of homes on the Multiple Listing Service® increased from 6,885 last month to 7,215 as of April 30th.

The average price of a single family detached home in April was $379,075 with a median price of $357,000. Condo average price was $234,220 with a median of $220,000. Duplex and rowhouse prices rose on average from $294,585 to $300,906, a 2.1% increase. All prices reflected sales across the entire Edmonton region including surrounding communities and counties.

The average days-on-market in April was 49 days. The residential sales-to-listing ratio was 45% in April and total MLS® System sales were over $1.822 billion for the year so far.