Resale inventories down 5.3% last month
stabilization at last?
National Post Published: Saturday, September 20, 2008
We've been hearing a lot recently about the high number of new listings on the resale market, but the Canadian Real Estate Association's August release shows fewer people across Canada listed their homes last month -- perhaps wary of throwing their house in to the buyer's market and risking a long listing period and lower-than-asking sale price. CREA reports that after four months of steadily increasing listings, August posted a month-over-month decline of 5.3%, a sign, it says, that the resale market is stabilizing. These figures result mostly from fewer listings in Edmonton and Calgary; Saskatoon and Vancouver still had high inventories. Says CREA president Calvin Lindberg: "The challenge is for sellers to price their home to meet local market realities, and for buyers to realize there is no real estate bubble that will burst and send prices to new lows."
