Canadian Real Estate Digest

A quick look at real estate markets across Canada:

Vancouver

The number of residential properties sold in Greater Vancouver dropped 42.9 per cent in September 2008 to 1,585 compared to the same month last year, while new listings rose 29 per cent to 6,142.

Home prices also declined 1.6 per cent in September to $726,331 compared to the same month last year and about 5.8 per cent since May 2008.

Vancouver realtor Shelly Smee said you can see how the market has changed in Vancouver by reading the real estate advertisements.

“It’s no longer ‘hurry’ and ‘won’t last’ and the ad volumes have dropped off too,” said Smee. “I think it’s healthier for our marketplace.”

Calgary

The average price of a single family house in Calgary in September was $444,048, a decrease of 5.7 per cent from a year ago. Condos are going for an average of $287,426, 10.6 per cent lower than September 2007.

Listings for single-family homes were down 15.3 per cent, while condo listings were down 9.8 per cent. Sales were up 8.3 per cent for single-family homes from last year, but sales for condos were down 3.7 per cent.

“You’re seeing builders slow down, you’re seeing a lot of condominiums downtown sitting on the market a lot longer,” said Calgary realtor Thomas Keeper

Toronto

Resale homes prices in the Greater Toronto area fell for the first in more than a decade in September, down three per cent to $368,549. The City of Toronto saw prices fall six per cent to $393,647, compared to a year ago.

Sales in the GTA fell six per cent to 6,424 homes changing hands in September compared to last year, compared to a drop of three per cent, to 6,622, in Toronto alone.

Homes also sat on the market longer, for 36 days compared to 31 days a year ago.

The Toronto Real Estate board blames the economy, as well as a new land transfer tax in the city, for the falloff in sales.

Dianne Usher of Royal LePage said buyers are also more cautious. “There’s more of a balance in the market,” she said

Montreal

Sales in the Montreal area increased 13 per cent in September to 3,060, bucking the national trend. Property prices also five per cent to $230,000 for a single-family home.

“The market is still solid in Montreal. We are a little bit outperforming the rest of the country,” said Michel Beausejour, CEO for the Greater Montreal Real Estate Board.

He expects 2008 will end with a three-per-cent drop in the number of transactions but prices will increase four to five per cent.

Communities north of Montreal such as Mirabel are expected to thrive because of new job-creating projects including Bombardier’s plans to assemble its new CSeries aircraft.