Brampton, ON

CBC News

Fewer homes were listed for sale on the Canadian Real Estate Association’s multiple listing service in the third quarter, as the market cooled in Alberta and British Columbia, according to figures released Thursday.
Third-quarter MLS listings fell to 230,107 on a seasonally adjusted basis, a 3.1% decline from the record-setting level in the previous quarter.
The value of MLS sales in the same period was $34 billion — a drop of 5.4% from second quarter.
Calvin Lindberg, CREA president, noted the easing Canadian market differs from the U.S.
“U.S. prices were driven up by speculative investment and relaxed lending standards. Canadian resale housing prices climbed due to strong job growth and low interest rates, especially in Alberta and B.C.,” Lindberg said in a statement.
“We did not have the relaxed lending standards offered to homebuyers in the U.S.”
CREA Chief Economist Gregory Klump said Canadian consumers should not expect to see a major price correction as in the U.S., suggesting that Canadians are not under particular duress to sell their homes.
“Lower interest rates and a Canada-U.S. currency exchange rate will help support Canadian economic growth,” he said. However, “whether Canada avoids a technical recession, economic growth is likely to stall, so that it feels like one.”
“Many may take their home off the market if it remains unsold when the listing expires,” he said. “The resulting decline in listings limits the extent to which the resale housing market balance will realign.”
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Contact Peter Bhandari for more information - 416-827-2340

Several pricey markets drag averages down in September

The Canadian Real Estate Association says the falling average sale price nationally is a reflection of a decline in sales in the highest-priced markets, noting that prices are still rising in a majority of markets. The Ottawa-based group, which represents more than 100 boards across the country, said the average sale price of an existing home, sold through the MLS system, fell 5.4 per cent in September to $289,916 from $306,347 a year earlier. But it said prices are actually up in 65 per cent of the boards it represents.

"The recent price declines in the Canadian housing market reflect lower activity in some of Canada's priciest housing markets that had posted large price increases. Price declines in the U.S. reflect a massive oversupply of housing due to soaring foreclosures and overbuilding," said Calvin Lindberg, the president of CREA.

Vancouver, the most expensive market in the country, has had year-over-year sales declines in the 40-per-cent range, and many real estate analysts suggest the results are skewing the national number. Some of the price trends by province included a 7.4-per-cent decline for British Columbia to an average of $412,149, and a five-per-cent fall in Alberta to $342,052.

On the other hand, the average sale price in Saskatchewan was up 23.2 per cent to $229,381, and Newfoundland and Labrador's going rate for housing rose 17.5 per cent to $178,062.

B.C.'s average price was no doubt influenced by a 33.6-per cent-decline in sales in September, compared to a year earlier, to 7,688. In Newfoundland, sales were up 26.2 per cent to 431.

CREA said the supply of new houses reaching the market is also shrinking. It said there were 230,107 new listings in the third quarter on a seasonally adjusted basis, down 3.1 per cent from the previous quarter, which was the highest on record.

Home Sales

September home sales price movements by percentage (from September 2007):

• National average -- $289,916 (-5.4)
• British Columbia -- $412,149 (-7.4)
• Alberta -- $342,052 (-5)
• Saskatchewan -- $229,381(23.2)
• Manitoba -- $186,181 (11.7)
• Ontario -- $294,990 (-1.3)
• Quebec -- $207,213 (3.5)
• New Brunswick -- $142,402 (8.5)
• Nova Scotia -- $189,283 (7.2)
• Prince Edward Island -- $129,635 (-0.1)
• Newfoundland and Labrador -- $178,062 (17.5)
• Yukon -- $281,520 (20.4)
• Northwest Territories -- $286,783 (-12.4)

Did you know...

The city of Brampton, the Flower City, has recently won the 2008 "International Communities in Bloom" title. Every year, cities from around the world compete for this coveted title.

International judges traveled around the city judging it in eight criteria which included:

1. floral displays;
2. turf and groundcover;
3. environmental awareness;
4. community involvement;
5. tidiness;
6. landscaped areas;
7. natural and cultural heritage conservation; and
8. tree and urban forest management.
   

Congratulations to Brampton and all its residents!

Call me today if you're looking to make a move to the Flower City!

Sincerely,

Sara Kareer
Sales Representative
Century 21 Millennium Inc., Brokerage

(tel) 905-450-8300
(toll-free) 1-888-450-8301
(web) www.SaraKareer.com

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Sincerely,

Sara Kareer
Sales Representative
Century 21 Millennium Inc., Brokerage

(tel) 905-450-8300
(toll-free) 1-888-450-8301
(web) www.SaraKareer.com

This weekend, my son and I had a blast putting together the packages for Ghosting It Forward...we initially started with 6 packages for our neighbours...but as we were putting them together, my son asked if we could also send some packages to his friends who live in our neighbourhood. So today I went out and bought some more items (Halloween Bags, Chocolate Bars, 3d Stickers, Note Pads, etc).
We will put the remaining packages together today and will "hit the neighbourhood" this evening!

Can't wait!

Sincerely,

Sara Kareer
Sales Representative
Century 21 Millennium Inc., Brokerage

(tel) 905-450-8300
(toll-free) 1-888-450-8301
(web) www.SaraKareer.com