Episode 44: How to Say Less And Get More in a Negotiation – Fotini Iconomopoulos

Posted by & filed under CREA News.

Every REALTOR® needs to negotiate, whether it’s with a client, another agent, a brokerage, or otherwise. But it doesn’t need to be as stressful as it seems.

On this episode of REAL TIME, we speak with Fotini Iconomopoulos, a Fortune 500 negotiator, author, and educator whose advice you won’t soon forget. From engaging your mental pause button to psyching yourself up, get inspired to boost your competitive edge using Fotini’s unconventional principles of negotiation.

Episode 36: The Future of REALTOR.ca

Posted by & filed under CREA News.

Each year, REALTOR.ca generates more than five million leads for REALTORS® across Canada. Developed and operated by the Canadian Real Estate Association (CREA) on behalf of its REALTOR® members, it’s the country’s most popular and trusted real estate platform. As technology advances, however, and new contenders enter the market, it’s critical REALTOR.ca secures its relevance for the future.

On this episode of REAL TIME, we explore the future of Canada’s real estate landscape as well as the vision behind shifting REALTOR.ca from a not-for-profit, association-driven product to a wholly owned, for-profit subsidiary of CREA.

Ultimately, we look at how this shift will expand the platform’s potential to keep REALTORS® at the heart of the real estate transaction.

Guests include Jill Oudil, CREA Chair, Patrick Pichette, VP of REALTOR.ca, and Andrew Jackson, Head of Business Development at CREA.

Episode 33: Dr. Chitra Anand – Inspiring Your Intrapreneurial Spirit

Posted by & filed under CREA News.

At times, the phrase “business innovation” can feel as amorphous as any other buzzword: what does it mean, and what’s the opportunity for REALTORS®?

On Episode 33 of REAL TIME, researcher, keynote speaker, and one of The Globe and Mail’s top changemakers of 2022, Dr. Chitra Anand, explores the many ways in which REALTORS® can innovate. She also unpacks an important new movement in the workplace: intrapreneurship.

Learn how you can foster an intrapreneurial spirit to challenge the norm, spur new ideas, and continue building trust through value-added solutions. Dr. Anand breaks it all down, including how to focus your efforts for the greatest impact if you’re a smaller business with limited resources.

Episode 21: Dr. Naheed Dosani – Approaching Homelessness from a Place of Empathy

Posted by & filed under CREA News.

During the first year of his family medicine residency, Dr. Naheed Dosani experienced a devastating and life-changing event: one of his patients passed away. That patient, Terry, had lived on the streets for 15 years, had terminal cancer, and was repeatedly refused access to proper palliative care. It was too little too late. Deeply affected by Terry’s loss, Dr. Dosani realized that while we all have equal access to healthcare in Canada, it doesn’t mean we have equitable access. And so he pledged to inspire change. To complement REALTORS Care® Week 2021, we join Dr. Dosani to gain a front-line perspective of the inequities facing homeless, poor, and vulnerably-housed Canadians. We look at housing as a healthcare issue, how we can cure it through policy, and how we can tap into our own vulnerability to ensure no one has to fall through the cracks.

Episode 4: A Conversation About Real Estate in the Age of COVID-19

Posted by & filed under CREA News.

In response to current conditions, businesses and REALTORS® need to react to a new world, though temporary, where human interaction is limited or discouraged. The real estate industry, built on relationships, will be significantly impacted. But within adverse conditions come opportunities and new human behaviours. For REALTORS®, maintaining a personal connection is crucial.

The CREA REAL TIME podcast provides an opportunity to give REALTORS® insight into how they can transform to be more adept in a digital retail environment.

Representatives from various levels within the industry provide guidance, clarity and give CREA members real world tools to implement.

Canadian home sales edge lower in December

Posted by & filed under CREA News.

Fri, 01/15/2016 – 09:00

Ottawa, ON, January 15, 2016 -According to statistics released today by The Canadian Real Estate Association (CREA), national home sales edged lower in December 2015 compared to the previous month, but held above year-ago levels.

Ottawa, ON, January 15, 2016 -According to statistics released today by The Canadian Real Estate Association (CREA), national home sales edged lower in December 2015 compared to the previous month, but held above year-ago levels.

Highlights:

  • National home sales edged back by 0.6% from November to December.
  • Actual (not seasonally adjusted) activity was up 10% compared to December 2014.
  • The number of newly listed homes rose 2.2% from November to December.
  • The Canadian housing market remains balanced overall.
  • The MLS® Home Price Index (HPI) rose 7.3% year-over-year in December.
  • The national average sale price rose 12% on a year-over-year basis in December; excluding Greater Vancouver and Greater Toronto, it increased by 5.4%.

The number of homes trading hands via MLS® Systems of Canadian real estate Boards and Associations edged back by 0.6 percent in December 2015 compared to November. Activity nonetheless remains close to a six-year high.

December sales were down from the previous month in slightly more than half of all local markets. Monthly sales declines in Calgary, Edmonton, the York Region of the Greater Toronto Area (GTA) and Hamilton-Burlington offset monthly activity gains recorded elsewhere.

“An increasingly short supply of listings in Vancouver and Toronto blunted the impact of changes to mortgage regulations announced in December that were aimed at cooling these housing markets,” said CREA President Pauline Aunger. “Buyers there had been expected to bring forward their purchase decisions before new regulations take effect in February 2016, but they faced a growing shortage of supply. Meanwhile, supply is ample in many other major urban markets, particularly those where buyers have become cautious amid economic uncertainty. All real estate is local, and REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.”

“December mirrored the main themes of 2015, with strong sales activity and price growth across much of British Columbia and Ontario offsetting declines in activity among oil producing regions,” said Gregory Klump, CREA’s Chief Economist. “The recent decline and uncertain outlook for oil prices means that housing market prospects are unlikely to improve in the near term in regions where job market prospects are tied to oil production.”

Actual (not seasonally adjusted) sales rose 10.0 percent on a year-over-year basis in December 2015. Activity was up compared to December 2014 in about 60 percent of all local markets, led by the Lower Mainland of British Columbia, the GTA and Montreal.

Sales activity in the fourth quarter of 2015 advanced by 2.0% quarter-over-quarter and hit the highest quarterly level in six years. Annual home sales in 2015 were up 5.5 from the previous year and reached the second-highest annual level on record – just 3.0% short of the annual record set in 2007.

The number of newly listed homes rose 2.2 percent in December compared to November. The monthly increase built on the 3.3 percent gain logged in November and lifted new supply to the highest monthly level in almost six years. December’s increase was driven by gains in the Fraser Valley, Calgary, Edmonton, the GTA and Montreal.

The national sales-to-new listings ratio eased to 55.5 percent in December – its lowest reading since March 2015. A sales-to-new listings ratio between 40 and 60 percent is generally consistent with balanced housing market conditions, with readings below and above this range indicating buyers’ and sellers’ markets respectively.

The ratio was within this range in about 40 percent of all local housing markets in December. Slightly more than one-third of local markets recorded a ratio above 60 percent, almost all of which are located in British Columbia and Ontario.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 5.4 months of inventory on a national basis at the end of December

2015, unchanged from November and the lowest level in nearly six years. The national figure is being pulled lower by increasing market tightness in B.C. and Ontario. Many of these markets, particularly around Greater Vancouver and the GTA, ended 2015 with a record low or near-record low number of homes listed for sale.

The Aggregate Composite MLS® HPI rose by 7.27 percent on a year-over-year basis in December – the largest gain in over five years. Year-over-year price growth accelerated for single family homes and townhouse/row units but slowed for apartment units.

Two-storey single family homes continue to post the biggest year-over-year price gains (+9.15 percent), followed by one-storey single family homes (+6.63 percent), townhouse/row units (+6.12 percent) and apartment units (+4.96 percent).

Year-over-year price growth continued to range widely among housing markets tracked by the index. Greater Vancouver (+18.87 percent) and the Fraser Valley (14.35 percent) posted the largest gains, followed closely by Greater Toronto (+10.01 percent). By comparison, Victoria and Vancouver Island prices posted year-over-year gains in the range from six to eight percent.

By contrast, prices retreated by about two percent on a year-over-year basis in Calgary and Saskatoon and by nearly four percent in Regina. While the home price declines in Calgary and Saskatoon are a fairly recent trend, prices in Regina have been trending lower since early 2014.

Prices crept higher on a year-over-year basis in Ottawa (+0.62 percent), rose modestly in Greater Montreal (+1.81 percent) and outstripped overall consumer price inflation in Greater Moncton (+3.88 percent).

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in December 2015 was $454,342, up 12.0 percent on a year-over-year basis.

The national average price continues to be pulled upward by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. If these two housing markets are excluded from calculations, the average is a more modest $336,994 and the year-over-year gain is reduced to 5.4 percent. Even then, the gain reflects a tug of war between strong average price gains in housing markets around the GTA and the Lower Mainland of British Columbia versus flat or declining average prices elsewhere in Canada. If British Columbia and Ontario are excluded from calculations, the average price slips even lower to $294,363, representing a year-over-year decline of 2.2 percent.

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PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

For more information, please contact:
Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca

Canadian home sales climb further in November

Posted by & filed under CREA News.

Tue, 12/15/2015 – 09:00

Ottawa, ON, December 15, 2015 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales were up on a month-over-month basis in November 2015.

Ottawa, ON, December 15, 2015 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales were up on a month-over-month basis in November 2015.

Highlights:

  • National home sales rose by 1.8% from October to November.
  • Actual (not seasonally adjusted) activity was up 10.9% compared to November 2014.
  • The number of newly listed homes was up 3.1% from October to November.
  • The Canadian housing market remains balanced overall.
  • The MLS® Home Price Index (HPI) rose 7.1% year-over-year in November.
  • The national average sale price rose 10.2% on a year-over-year basis in November; excluding Greater Vancouver and Greater Toronto, it increased by 3.4%.

The number of homes trading hands via MLS® Systems of Canadian real estate Boards and Associations rose by 1.8 percent in November 2015 compared to October to reach its highest monthly level in six years.

There was a fairly even split between the number of markets where sales posted a monthly increase and those where sales declined. The national increase was again led by monthly sales gains in the Lower Mainland of British Columbia and in the Greater Toronto Area (GTA).

“Recently announced changes to mortgage regulations will likely boost sales activity in the short term, as buyers jump off the fence to beat the changes before they take effect next year,” said CREA President Pauline Aunger. “Even so, some housing markets stand to be affected by the changes more than others. All real estate is local, and REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.”

“Changes to mortgage regulations taking effect in mid-February next year appear aimed at cooling the Greater Vancouver and Greater Toronto housing markets,” said said Gregory Klump, CREA’s Chief Economist. “Minimum down payments will be going up for homes that sell for more than half a million dollars, so larger more expensive housing markets will be affected most. Unfortunately, the regulatory changes will also cause unintended collateral damage to housing markets beyond Toronto and Vancouver, including places that are facing economic headwinds from the collapse in oil prices.”

Actual (not seasonally adjusted) sales in November 2015 rose 10.9 percent on a year-over-year basis compared to November 2014 and were up from year-ago levels in two-thirds of all local markets. The increase was again led by the Lower Mainland and GTA. Activity was down sharply in the Calgary region compared to what were historically high levels posted prior to the collapse in oil prices.

The number of newly listed homes rose 3.1 percent in November compared to October, led by the Lower Mainland, Calgary, Edmonton, Kingston and Ottawa.

The national sales-to-new listings ratio eased to 57.3 percent in November compared to 58 percent in October. A sales-to-new listings ratio between 40 and 60 percent is generally consistent with balanced housing market conditions, with readings below and above this range indicating buyers’ and sellers’ markets respectively.

The ratio was within this range in slightly fewer than half of all local housing markets in November. Of the remainder, more markets recorded a ratio above 60 percent than fell below 40 percent. Markets where demand is tight relative to supply are located almost exclusively in British Columbia and Ontario.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 5.4 months of inventory on a national basis at the end of November 2015, down from the 5.5 months recorded in October and the lowest level in nearly six years. The national figure is being pulled lower by increasing market tightness in B.C. and Ontario.

The Aggregate Composite MLS® HPI rose by 7.11 percent on a year-over-year basis in November – the largest gain in over five years. Year-over-year price growth accelerated for all property types tracked by the index.

Two-storey single family homes continue to post the biggest year-over-year price gains (+8.88 percent), followed by one-storey single family homes (+6.42 percent), townhouse/row units (+5.43 percent) and apartment units (+5.22 percent).

Year-over-year price growth varied among housing markets tracked by the index. Greater Vancouver (+17.83 percent) and the Fraser Valley (+12.36 percent) posted the largest gains, followed closely by Greater Toronto (+10.29 percent).

By comparison, Victoria and Vancouver Island prices saw year-over-year gains that ranged between six and eight percent in November.

Prices edged down by about two percent on a year-over-year basis in Calgary and Saskatoon and fell by nearly five percent in Regina. While the home price declines in Calgary and Saskatoon are a fairly recent trend, prices in Regina have been trending lower since early 2014.

Prices edged higher on a year-over-year basis in Ottawa (+0.68 percent), rose modestly in Greater Montreal (+1.61 percent) and continued to gain strength in Greater Moncton (+4.81 percent).

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in November 2015 was $456,186, up 10.2 percent on a year-over-year basis.

The national average price continues to be pulled upward by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. If these two markets are excluded from calculations, the average is a more modest $338,969 and the year-over-year gain is reduced to 3.4 percent. Even then, the gain reflects a tug of war between strong average price gains in housing markets around the GTA and the Lower Mainland of British Columbia versus flat or declining average prices elsewhere in Canada. If British Columbia and Ontario are excluded from calculations, the average price slips even lower to $302,477, representing a year-over-year decline of 4.7 percent.

- 30 -

PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

For more information, please contact:

Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca

Canadian home sales rebound in October

Posted by & filed under CREA News.

Mon, 11/16/2015 – 09:00

Ottawa, ON, November 16, 2015 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales increased in October 2015 from the previous month.

Ottawa, ON, November 16, 2015 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales increased in October 2015 from the previous month.

Highlights:

  • National home sales rose by 1.8% from September to October.
  • Actual (not seasonally adjusted) activity was little changed (+0.1%) compared to October 2014.
  • The number of newly listed homes was up 0.9% from September to October.
  • The Canadian housing market remains balanced overall.
  • The MLS® Home Price Index (HPI) rose 6.7% year-over-year in October.
  • The national average sale price rose 8.3% on a year-over-year basis in October; excluding Greater Vancouver and Greater Toronto, it increased by 2.5%.

The number of homes trading hands via MLS® Systems of Canadian real estate Boards and Associations rose by 1.8 percent in October 2015 compared to September. As a result, national activity stood near the peak recorded earlier this year and reached the second-highest monthly level in almost six years.

There was an even split between the number of markets where sales posted a monthly increase and those where sales declined. The national increase was driven by monthly sales gains in the Lower Mainland of British Columbia together with the Greater Toronto Area (GTA) and surrounding areas, led by the York Region, Central Toronto, and Hamilton-Burlington.

“The continuation of low interest rates is supporting home sales activity,” said CREA President Pauline Aunger. “Even so, the strength of sales activity varies by location and price segment across Canada. All real estate is local, and REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.”

“October extended resale housing market trends of recent months,” said Gregory Klump, CREA’s Chief Economist. “Single detached homes continue to be in short supply while demand for them remains strong in a number of active and populous housing markets in British Columbia and Ontario. Meanwhile, an ample supply of condo apartments remains. The balance between supply and demand is generally tighter for single detached homes than it is for condo apartments and that’s unlikely to change any time soon. For that reason, price gains for single detached homes should continue to outstrip those for condo apartment units for some time.”

Actual (not seasonally adjusted) sales in October 2015 were little changed (+0.1 percent) from activity one year ago, when it reached the second-highest level on record for the month.

Actual (not seasonally adjusted) sales were up from year-ago levels in half of all local markets, led by the Lower Mainland region of British Columbia, the GTA and Montreal. Gains there were largely offset by a drop in activity in the Calgary region, where sales were down considerably from the record set last year for transactions during the month of October.

The number of newly listed homes edged up 0.9 percent in October compared to September, led by the Lower Mainland, Victoria and the GTA. These gains were balanced by a pullback in new supply in the Okanagan Region, Edmonton and Ottawa.

The national sales-to-new listings ratio was 57.9 percent in October, which indicates that the balance between supply and demand tightened. A sales-to-new listings ratio between 40 and 60 percent is generally consistent with balanced housing market conditions, with readings below and above this range indicating buyers’ and sellers’ markets respectively.

The ratio was within this range in slightly fewer than half of all local housing markets in October. Of the remainder, an almost equal number breached the 60 percent threshold in October, nearly all of which are located in British Columbia and Ontario.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 5.5 months of inventory on a national basis at the end of October 2015, down from the 5.7 months recorded in September. As with the sales-to-new listings ratio, the October reading for months of inventory points to the tightest housing market conditions at the national level in almost six years.

The Aggregate Composite MLS® HPI rose by 6.70 percent on a year-over-year basis in October, marking a slightly more modest increase compared to the increase in September (6.90 percent).

Year-over-year price growth slowed in in October for one and two-storey single family homes, but picked up for townhouse/row and apartment units.

Two-storey single family homes continue to post the biggest year-over-year price gains (+8.67 percent), followed by one-storey single family homes (+6.02 percent), townhouse/row units (+4.88 percent) and apartment units (+4.39 percent).

Year-over-year price growth varied among housing markets tracked by the index. Greater Vancouver (+15.33 percent) and Greater Toronto (+10.33 percent) continue to post double-digit year-over-year price increases. Meanwhile, price gains in the Fraser Valley have accelerated to 10.51 percent.

By comparison, Victoria and Vancouver Island prices saw year-over-year gains that ranged between five percent and seven percent in October.

Prices in Calgary edged down by about one percent on a year-over-year basis in October and slipped lower by about one-and-a-half percent in Saskatoon. Prices also fell by a little over four percent in Regina, extending year-over-year price declines there that began in 2013.

Prices in Ottawa remained stable compared to those one year ago and were up from October 2014 levels in Greater Montreal (+1.42 percent) and Greater Moncton (+3.84 percent). (Table 1)

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in October 2015 was $454,976, up 8.3 percent on a year-over-year basis.

The national average price continues to be pulled upward by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. If these two markets are excluded from calculations, the average is a more modest $339,059 and the year-over-year gain is reduced to 2.5 percent.

- 30 -

PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics

For more information, please contact:
Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca

Canadian home sales ease in September

Posted by & filed under CREA News.

Thu, 10/15/2015 – 09:00

Ottawa, ON, October 15, 2015 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity eased in September 2015 from the month before.

Ottawa, ON, October 15, 2015 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales activity eased in September 2015 from the month before.

Highlights:

  • National home sales declined by 2.1% from August to September.
  • Actual (not seasonally adjusted) activity edged up 0.7% compared to September 2014.
  • The number of newly listed homes retreated 2.1% from August to September.
  • The Canadian housing market remains balanced overall.
  • The MLS® Home Price Index (HPI) rose 6.9% year-over-year in September.
  • The national average sale price rose 6.1% on a year-over-year basis in September; excluding Greater Vancouver and Greater Toronto, it increased by 2.9%.

The number of homes trading hands via MLS® Systems of Canadian real estate Boards and Associations fell by 2.1 per cent in September 2015 compared to August.

Sales were down in more than half of all local markets in September, led by declines in Greater Vancouver, Calgary and the Greater Toronto Area (GTA).

“Sales are off the peak reached earlier this year but are still running strong, particularly in British Columbia and Ontario,” said CREA President Pauline Aunger. “That said, sales strength varies considerably among markets and price segments across Canada. All real estate is local, and

REALTORS® remain your best source for information about sales and listings where you live or might like to in the future.”

“Although national sales activity was not as strong in September as it was earlier this year, a lack of supply in some parts of the country is likely keeping a lid on transactions,” said Gregory Klump, CREA’s Chief Economist. “The GTA and Greater Vancouver made sizeable contributions to the monthly decline in national sales activity. They also rank among the tightest urban housing markets in the country due to a shortage of inventory and supply of land on which to build, which is why prices there continue to grow strongly.”

Actual (not seasonally adjusted) activity in September 2015 eclipsed activity one year ago by 0.7 per cent. Sales in September 2015 reached the second-highest on record for the month, standing just 0.3 per cent (130 transactions) below the record set in September 2009.

Actual (not seasonally adjusted) sales were up from year-ago levels in a little over half of all local markets, led by the Lower Mainland region of British Columbia. Calgary posted the largest year-over-year decline in activity compared to the record set last year.

In line with sales activity, the number of newly listed homes also declined by 2.1 per cent in September compared to August led by the Lower Mainland, Victoria, the GTA, Hamilton-Burlington and Montreal.

The national sales-to-new listings ratio was 56.8 per cent in September. With sales and new listings having posted monthly declines of equal magnitude in September, the sales-to-new listings ratio held steady compared to August. A sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets respectively.

The ratio was within this range in half of local housing markets in September. Of the remainder, the majority breached the 60 per cent threshold in September and consisted almost entirely of markets in British Columbia and those in and around the GTA.

The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.

There were 5.7 months of inventory on a national basis at the end of September 2015, up slightly from the 5.6 months recorded in each of the previous four months.

The Aggregate Composite MLS® HPI rose by 6.90 per cent on a year-over-year basis in September, accelerating from 6.43 per cent in August, 5.90 per cent in July, and 5.43 in June. The recent acceleration in year-over-year growth follows about a year-and-a-half of gains that held steady within a range of between five and five-and-a-half per cent.

Year-over-year price growth picked up in September for all Benchmark home types tracked by the index, particularly for apartment units.

Two-storey single family homes continue to post the biggest year-over-year price gains (+9.07 per cent), followed by one-storey single family homes (+6.48 per cent), townhouse/row units (+4.40 per cent) and apartment units (+4.22 per cent).

Year-over-year price growth varied among housing markets tracked by the index. Greater Vancouver (+13.72 per cent) and Greater Toronto (+10.46 per cent) continue to post by far the biggest year-over-year price increases. Meanwhile, price gains in the Fraser Valley have accelerated to almost nine per cent.

By comparison, Victoria and Vancouver Island prices logged year-over-year gains between five and six per cent in September.

For the second consecutive month, prices in Calgary were flat on a year-over-year basis. Prices in Saskatoon and Ottawa also ran roughly even with year-ago levels.

Elsewhere, home prices were up from September 2014 levels by about one-and-a-half per cent in Greater Montreal and by about two-and-a-half per cent in Greater Moncton. Prices fell by four per cent in Regina, extending year-over-year price declines there that began in 2013.

The MLS® Home Price Index (MLS® HPI) provides a better gauge of price trends than is possible using averages because it is not affected by changes in the mix of sales activity the way that average price is.

The actual (not seasonally adjusted) national average price for homes sold in September 2015 was $433,649, up 6.1 per cent on a year-over-year basis.

The national average price continues to be pulled upward by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s most active and expensive housing markets. If these two markets are excluded from calculations, the average is a more modest $334,705 and the year-over-year gain is reduced to 2.9 per cent.

- 30 -

PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS® Systems from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 109,000 REALTORS® working through some 90 real estate Boards and Associations.

Further information can be found at http://crea.ca/statistics.

For more information, please contact:
Pierre Leduc, Media Relations
The Canadian Real Estate Association
Tel.: 613-237-7111 or 613-884-1460
E-mail: pleduc@crea.ca