Canadian Housing Market Strong Compared to Foreign Markets

The Canadian Real Estate Association (CREA) has released Q1 2008 stats. The results thus far seem to indicate that the housing market in Canada is definitely starting to slowdown, however, it is performing much better than in many other countries.

Canadian House Prices:

  • residential MLS® average price set new records for the first half of 2008
  • MLS® residential average price rose 3.2 per cent year-over-year to $340,390
  • On a quarterly basis, the average price in Canada’s major markets was $343,235 in the second quarter, up 1.4 per cent from the second quarter of 2007.
  • in June the major market MLS® residential average price edged down 0.4 per cent year over year to $341,096

 

 

Canadian Housing Sales

  • sales activity in the first half of 2008 was down compared to the same period of 2007, which was a record-setting year
  • Transactions declined by 13.3 per cent year over year to 169,265 units in the first half of 2008.

 

Foreign Markets
It looks like the Canadian real estate market has been fairly resilient when compared to other markets around the world, as reported in the Edmonton Journal:

  • US home prices dropped 14% in Q1 (Case Shiller national home price index)

 

From Export Development Canada:

 

  • US housing starts were down 56 per cent year-over-year during May
  • housing starts down 56% year on year during May in the UK
  • -18 % during Q1 in Spain
  • -17% year on year in May in France

 

 

The MLS ® Major Market Residential Summary:
First Half 2008

1st Half2008 1st Half2007 % change
Dollar Volume ($ millions) 57,616.1 64,366.8 -10.5
Unit Sales 169,265 195,132 -13.3
Average Price ($) 340,390 329,863 3.2
New Listings 332,958 308,099 8.1

Related Topics

Economic News / Mortgage News / Mortgages

Leave a Reply