Thomson report

REAL ESTATE REPORT – November 2010

Provided by:
Rob Marak, Royal Lepage
250-860-1100

The Canadian Real Estate Association (CREA) has lowered its forecast for home sales activity via the Multiple Listing Service® (MLS®)Systems of Canadian real estate Boards and Associations for 2010 and 2011. Sales activity in the third quarter of 2010 began on a weak footing, but gained traction as the quarter progressed. Improving momentum for home sales activity suggests the resale housing market is stabilizing, but weaker than expected third quarter activity has reduced CREA’s annual forecast.

National sales activity is now expected to reach 442,200 units in 2010, representing an annual decline of 4.9 per cent. While monthly levels for sales activity are stabilizing, year-over-year comparisons are likely to remain stretched well into 2011 due to the record-level activity reported in late 2009 and early 2010. Lackluster economic and job growth, muted consumer confidence, and the resumption of interest rate increases are expected in 2011. Against this economic backdrop, national home sales activity is forecast to decline by nine per cent to 402,500 units. “Interest rates are expected to resume their return to more normal levels next year, but will still be at levels that are friendly to the housing market,” said Georges Pahud, CREA’s President. “For the tenth year in a row, more than 400,000 homes are expected to change hands over the MLS® Systems of Canadian real estate Boards and Associations next year."

Modest average price gains are forecast in 2011 in all provinces except British Columbia, Alberta, and Ontario. Lower sales activity in British Columbia and Ontario are expected to result in a 1.3 per cent decline in the national average price to $326,000.

Residential sales By Price
Year to Date

Price Range 2010 2009

$0 to $200,000 7 10
$200,001 to $240,000 11 28
$240,001 to $280,000 40 34
$280,001 to $320,000 72 105
$320,001 to $360,000 171 226
$360,001 to $400,000 221 279
$400,001 to $440,000 231 217
$440,001 to $480,000 191 194
$480,001 to $520,000 152 176
$520,001 to $560,000 125 105
$560,001 to $600,000 85 86
$600,001 to $999,999 197 196
$1 Million and over 41 17

Summary of Residential Sales
Year to Date

TYPE 2010 2009

Acreage 31 14
Acreage/House 82 66
Acreage (Waterfront) 4 1
Business 16 13
Townhouse 437 485
Condo 590 643
Duplex 73 87
Farms 10 12
IC & I 66 21
IC & Lands 5 2
Lots 137 79
Leases 27 54
Lots (Waterfront) 2 0
Multi-Family 2 3
Multi Plex 3 8
Mobile Homes 174 149
Recreational 8 9
Residential 1541 1673
Residential (waterfront) 30 24
Timeshares 1 0

TOTAL: 3239 3343

A Few More Real Estate Stats

Average House Price in Nov. $ 496,759
Median House Price in Nov. 2010 $ 427,500
Number of houses listed last month: 293
Number of lake shore homes sold last month: 3
Average Mobile Home Price: $ 96,876
Dollar value of sales in Nov. 2010: $129,709,594
Dollar value of sales in Nov. 2009: $197,339,997

Active Listings

Residential Mobiles Strata Lots

1483 197 1377 596