Residential real estate sales softened nationally in February, edging down 6.4% from January, and 9.6% compared to February 2007 according to the Canadian Real Estate Association (CREA).
“Snowfall in Toronto made it tough to show prospective buyers, and tough to process a listing,” said CREA President Ann Bosley. “It was one of the toughest months ever weather wise for REALTORS® in Toronto.” (Brilliant guys!)
Seasonally adjusted residential sales activity declined by more than new listings, making the resale housing market more balanced in February 2008 than in any other month in over nine years.
A monthly decline in sales activity coupled with strong gains in new listings caused resale housing markets to become significantly more balanced in February in Regina, Saskatoon and Newfoundland & Labrador, which had been the three tightest major markets in January. Edmonton, Calgary and Windsor remain the most balanced major markets, while Saskatoon and Winnipeg are now the tightest.
“More balanced” in Regina and Saskatoon? Hmmm.
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Royal LePage Vidorra