According to a recent press release by the Canadian Real Estate Association (CREA), the number of new listings of homes for sale in Canada have reached an all time high of 80,147 units in the month of July, up 1.4 per cent from June. Whilst the provinces of Ontario, Quebec and Manitoba recorded the most growth activity, new listing levels in Alberta fell from the all time high earlier in March.
It appears the increase in the stock levels of Canadian property is attributed to home owners’ rushing to take advantage of Canada’s currently high house prices by putting their homes on the market in the hope for a quick profit.
Although this is not a property glut situation, more units in the Canadian housing market indicates more choice and options for prospective buyers, making it more of a a buyers’ market at the moment.
Buyer should be cautious that the national statistics do not not hold true in all provinces. In Alberta for instance, where house prices have slightly fallen, new listings have been on a decline from April to July 2008.
Read the CREA press release for more information on a province/city level to guide your investment decision.