National resale housing activity improves in October. (CREA)

OTTAWA – November 15th, 2010 National resale housing activity rose for the third consecutive month in October 2010, according to statistics released by The Canadian Real Estate Association (CREA).

Seasonally adjusted national home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards climbed 4.6 per cent in October 2010. The monthly rise in activity builds on similar increases in August and September. As a result, activity now stands 13.3 per cent above July levels, when it reached this year’s low point. Three-quarters of local markets posted monthly increases in seasonally adjusted activity in October, led by Toronto and Vancouver.

As further evidence that the market is returning to normal, sales activity in October stood halfway between the recessionary low reached in December 2008, and the record level activity posted in December 2009.

Actual (not seasonally adjusted) national sales activity in October 2010 was 21.6 per below levels for October 2009, when activity set a new record for the month.

National sales activity rebounded last year without a single monthly decline and hit record levels in the second half of 2009. As a result, large declines in activity compared to year-ago levels are masking recent monthly gains in national sales activity. Record level activity late last year is expected to continue stretching year-ago comparisons over the rest of 2010 (Exhibit 1).

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Canadian home sales rise 4.6% in October. (CBC News)

But CMHC predicts sales to slow in 2011.

The Canadian housing resale market was almost five per cent more active in October compared to the previous month, the Canadian Real Estate Association says.

The 4.6 per cent increase in sales on the agency’s Multiple Listing Service follows similar rises in September and August. As a result, activity is 13.3 per cent higher compared to July, the low point for 2010.

“National sales activity is now running almost halfway between the highs and lows posted between late 2008 and late 2009,” CREA chief economist Gregory Klump said. “This suggests that the Canadian housing market may be starting to normalize.”

On a yearly basis, sales remained 21.6 per cent below the level of October 2009, the most active October ever for home sales.

The national average price for homes sold in October 2010 was $343,747, up less than a percentage point compared to a year ago. October was the fourth consecutive month in which the average resale price has remained roughly even with year-ago levels, suggesting a balanced market.

“After the wild roller-coaster ride that many housing markets have been on, normal and stable market conditions are something that many buyers and sellers will likely welcome,” Klump said.

There was 6.2 months worth of housing stock inventory at the end of the month, the group said. Inventory describes how long it would take to sell off all the homes available based on current buying patterns. In September, the figure was 6.5 months.
Housing starts to slow

At the same time, Canada Mortgage and Housing Corp. reported Monday that housing starts are expected to slow in the last three months of 2010 and fall in 2011 from 2010 levels.

The federal housing agency predicted housing starts in the final quarter of 2010 will be in the range of 176,700 to 194,700 in 2010, or approximately 186,200.

In 2011, housing starts will be in the area of 148,000 to 202,300 units, or approximately 174,800 units.

“High employment levels and low mortgage rates will continue to support demand for new homes in 2011,” CMHC chief economist Bob Dugan said in a release.

“Nevertheless, housing starts will decrease to levels are more in line with long term [population growth] next year,” he said.

The agency predicted sales of existing homes also will be lower in 2011.

It forecast sales in the range of 423,800 to 455,900 in 2010, or approximately 440,300 units.

The next year, it estimated, sales will be from about 390,600 to 483,700, or about 438,400.


Open House Weekend: Saturday, November 13 & Sunday, November 14, 2010, Batchelor Heights, Sahali, South Kamloops, Valleyview & Westsyde

On Saturday November 13th and Sunday November 14th, 2010 we will be holding open houses in Batchelor Heights, Upper Sahali, South Kamloops (including the West End), Valleyview and Westsyde.

Kamloops Real Estate 7-900 Stagecoach Batchelor HeightsSaturday, November 13th, 2010: 11:00-12:30: 7-900 Stagecoach Drive, Batchelor Heights $334,900

This is a bright and spacious detached home in The Views at Saddleback. There are two bedrooms, but could easily be a three bedroom home. There are two full baths and the master bedroom has a cheater ensuite. more

B23-220 G & M  living room kamloops real estate home for saleSaturday, November 13th, 2010: 11:00-12:00, B23-220 G&M Road, South Kamloops, $147,900

This 2 year old mobile home has over 900 square feet of living space with 2 bedrooms & 1 large bathroom. There is an open floor plan from the kitchen to the living room w/ vaulted ceilings & a bay window. Outside there is RV parking, large sundeck, fully fenced yard more.

152-2400 Oakdale mobile home kamloops westsyde bcSaturday, November 13th, 2010: 12:30-1:30, 152-2400 Oakdale Way, Westsyde $64,900

Bright & tidy home in the popular Oakdale mobile home park. There are three bedrooms with a large rec room and a four piece bathroom with a jacuzzi tub. Recent updates incl. fresh paint, some flooring, roof, windows, doors, HW tank, new fridge & stove. more

Kamloops Real Estate 526 Battle Street West Saturday, November 13th, 2010: 2:00-3:30, 526 Battle Street West, South Kamloops West End $419,900

Centrally located in the South Kamloops West End, has a 2 bedroom inlaw suite & is close to shopping, transportation & TRU. Everything has been updated, roof, heat pump, furnace, HW tank, paint..more

Kamloops House 1795 Knollwood Cres Valleyview KamloopsSunday, November 14th, 2010: 11:30-1:00: 1795 Knollwood Drive, Valleyview, $340,000

This great Valleyview family home is located in a highly sought after location near schools, transportation, shopping and within minutes of downtown Kamloops. The property is 12, 000 square feet, and has tons of room for a large detached shop and/or pool. more

Kamloops Home For Sale 490 Garibaldi Drive Upper SahaliSunday, November 14th, 2010: 1:30-3:00: 490 Garibaldi Drive, Upper Sahali, $319,900

Solid Sahali home in nice & quiet family area. Huge fenced yard & lots of parking. Numerous updates include roof, paint, flooring, bathroom, kitchen, newer appliances & more. Large sundeck more

To view all homes for sale in Kamloops click here.

Featured Property: 17-1440 Ord Road, Sunnyside Mobile Home Park, Brocklehurst, Kamloops, B.C. $69,900

Kamloops For Sale 17-1440 Ord RdTwo bedroom, one bathroom spacious home in Sunnyside Mobile Home Park in Brocklehurst. Open floor plan in the living room, dining room and kitchen with a vaulted ceiling. Private yard that is landscaped with a large deck and storage shed. The park does not sign site leases and will allow pets with restrictions.

To view all homes for sale in Kamloops click here.

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