Market Watch - May 2009

The Canadian housing market has recorded an increasing number of sales in most areas around the country for a second month in a row.

Low interest rates and slightly lower home prices have resulted in increased momentum on a month-over-month basis; however, April sales remained lower than 2008 levels.

BC-Surrey

The Fraser Valley real estate market continues to show signs of rebalancing with the number of sales increasing for the third month in a row while the number of listings stayed relatively constant.

April 2008 - 1787 sales
April 2009 - 1293 sales (28% decrease from last year but 29% more than March 2009)
April 2008 - 4458 listings
April 2009 – 2477 listings (44% decrease from April 2008)

Alberta-Calgary

Single Family Metro homes

April 2008 - 1363 sales
April 2009 - 1290 sales (5% decrease from last year but 19% more than March 2009)
April 2008 - $474,564 average**
April 2009 - $426,311 average (10% decrease from last year; 1% incr. from March 2009)

Saskatchewan-Saskatoon

April’s real estate market continued to correct with fewer listings being taken easing higher than normal inventory levels.

April 2008 - 413 sales
April 2009 - 353 sales (15% decrease from last year)
April 2008 - $306,031 average**
April 2009 - $275,455 average (10% decrease from last year)

** Average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods, or account for price differentials between geographical areas.

Source: CREB, MLS, Randy Bett