Fourth Highest MLS Month on Record in November
Looks like November was another banner month, if you haven't seen the press release from CREA yet... here it is.
National MLS® home sales climb in November
Higher activity in Alberta and Ontario
National existing home sales via the Multiple Listing Service® (MLS®) rose to their fourth highest seasonally adjusted monthly level on record in November 2005, according to statistics released by The Canadian Real Estate Association.
Activity also remains on track to set a new annual record in 2005. Transactions for the first 11 months of 2005 were just half a percentage point lower than total MLS® home sales recorded in 2004.
A seasonally adjusted total of 41,724 homes traded hands in November, representing a gain of 1.6 per cent compared to the previous month. Higher activity in Alberta and Ontario more than offset fewer sales in British Columbia and Quebec. Year-to-date, transactions were running 4.9 per cent ahead of levels recorded during the first 11 months of last year.
Sales activity reached its highest monthly level on record in Alberta and New Brunswick, and set new records for the month of November on a national basis and in Alberta, Ontario, Quebec, New Brunswick, Nova Scotia and Newfoundland. Year-to-date, actual (unadjusted) sales increased compared to the same period in 2004 in British Columbia, Alberta, Manitoba, Quebec, New Brunswick and Nova Scotia.
Seasonally adjusted MLS® residential new listings totaled 64,621 units in November, a decline of 0.8 per cent from October. The decline in new listings and an increase in sales caused the national resale housing market to tighten in November compared to the previous month.
Seasonally adjusted dollar volume totaled $10.6 billion in November – the third highest monthly level on record. Dollar volume set a new monthly record in Alberta, New Brunswick and Nova Scotia, and reached its highest level ever for the month of November in every other province except Prince Edward Island.
The national MLS® residential average price hit $256,126 in November, shattering all previous monthly records. Average price rose 11.0 per cent compared to the same month in 2004.
November was also the sixth consecutive month in which year-over-year price growth exceeded 10 per cent. MLS® residential average price reached its highest monthly level on record in Alberta, Ontario and Quebec, and set new records for the month of November in every other province except Newfoundland.
“Continuing growth in full-time employment and rebounding consumer confidence in November mean that economic fundamentals will continue to support strong housing activity in the coming months,” said CREA Chief Economist Gregory Klump.
“The small increase in mortgage rates in November may have prompted many prospective homebuyers to jump into market in order to take advantage of pre-approved mortgage rates.
With the Bank rate hike in December and more increases expected next year, resale housing activity is expected to gradually drift lower in 2006 as homes prices continue to rise,” Klump added.
CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighborhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.
This report is published by the Communications Department of The Canadian Real Estate Association (CREA). Further information can be found at http://www.crea.ca/.
For more information:
Gregory Klump, Chief Economist
Search All Edmonton and Area MLS listings at www.edmonton-homes.ca.