18 may 2010

The number of homes cooled the market a little bit. The deal is that buyers have more choice and that’s why they don’t have to hurry. National home sales are down for 2.6% from March (it’s 6.8% lower than in December).
The average price was $344,968 (12.2% higher than a year ago). It’s the smallest increase in eight months.
“The last year’s average price decrease and British Columbia’s activity getting lower showed the year-over-year national average price comparisons are coming back to standard level”, –  said CREA.
Actually, it would take 5.3 months in order to sell all the houses available at this moment. It’s the largest number since last May.
“It will be a year next month since the national average price rebounded from the recession, that’s why the rise in the national average price is expected to be less active next month,” –  said Gregory Klump, CREA chief economist.