Wednesday, May 19, 2010

New housing listings soar as experts expect slowdown!

Canadians listed their homes for sale in record numbers in April as countrywide housing inventory hit levels not seen in almost a year, says the Canadian Real Estate Association.

While the market has not slumped, just about everybody tracking the sector -- from economists and builders to real estate executives -- say there is nowhere else to go but down in prices and sales

"We are still a far cry from where we were," said Gregory Klump, chief economist with CREA, referring to the bottom of the market in January 2009 when there was 12.8 months of unsold inventory on a seasonally adjusted basis. The inventory represents the number of months it would take to sell current homes at the current rate of sales activity.

Source: Garry Marr
Financial Post
Published: Tuesday, May 18, 2010

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