More Balanced Resale Housing Market in this Apri

OTTAWA – May 14th, 2008 – Canadaian Real Estate Association
The number of new listings of homes for sale on the Multiple Listing Service® (MLS®) in Canada's major markets reached its highest level ever in April 2008, according to statistics released by The Canadian Real Estate Association (CREA). The rise in new listings outpaced a small gain in sales activity, resulting in a more balanced market.

The number of newly listed properties on the MLS® systems of Canada's major markets numbered 52,775 units on a seasonally adjusted basis, up 1.8 per cent from the previous month. Actual (unadjusted) new listings were up 17.7 per cent from April 2007.

The new record resulted largely from unprecedented numbers of new listings in Toronto and Saskatoon. The rise in new listings in these markets more than offset a decline in new listings in Edmonton and Calgary, where new listings retreated from record levels reached in March.

Seasonally adjusted MLS® sales activity in Canada's major markets edged up 0.8 per cent month-over-month to 27,039 units in April. The small monthly gain resulted from rising activity in Quebec City, Toronto, Winnipeg, Halifax-Dartmouth, Hamilton-Burlington, St. Catharines and Newfoundland & Labrador. Activity gains in these markets offset fewer transactions in Vancouver, London & St. Thomas, Calgary and Victoria.

New listings rose by more than sales activity, resulting in a more balanced resale housing market this April than in any other month in the past nine years.

"This means buyers face less competition in their search for a home," notes Calvin Lindberg, President of The Canadian Real Estate Association. "It also means more competition among home sellers, so presentation factors such as prudent pricing are necessary for faster sale. That is expertise a REALTOR® can provide."

A surge in new listings caused the resale housing market to become significantly more balanced in Regina and Saskatoon. By contrast, strong sales activity caused the resale housing market to tighten in Thunder Bay and in Newfoundland & Labrador. These areas and Winnipeg were the three tightest major markets in April. Edmonton, Calgary and Windsor remain the most balanced of Canada's major markets.

The major market MLS® residential average price rose 3.2 per cent year-over-year to $334,293 in April. This is the smallest year-over-year price increase in over six years, and again reflects a more balanced housing market.

"An increase in listings is resulting in a more balanced resale housing market in Vancouver, Calgary, Toronto and Montreal, the four most active of Canada's major markets," said CREA Chief Economist Gregory Klump. "New listings are forecast to rise further as sales activity continues retreating from the peak last year, resulting in an increasingly balanced resale h