News Release - The Canadian Real Estate Association
Posted by Becky on 03 Oct 2008 | Tagged as: Local News, Organization, Quinte, Trish Belford, real estate
The number of properties listed via the MLS systems of real estate boards in Canada retreated in August 2008 from record levels in the previous four months, according to statistics released today by The Canadian Real Estate Association (CREA). With new listlings down from the recent peak, the resale housing market is stabilizing in most provinces.
“We must remember that all markets go through cycles, and remember that the national housing market is actually made up of different communities. Real estate markets are local, and every community, and every area, is different in terms of trends and pricing,” the CREA President added.
“As our analysis shows, the Canadian housing market is stable and home sellers are not under pressure to sell. This is in stark contrast to the U.S. housing market, where there are a large number of distress sales. In Canada, with price gains diminishing and homebuyers taking more time to shop, the number of active MLS listings may continue to ease so the Canadian housing market would stabilize further.”
Source: News Release - The Canadian Real Estate Association, September 30th, 2008.
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