The Rocca Sisters Blog

TORONTO Canadian home sales and prices jumped again in November but the number of listings dropped off, pushing the sector closer to a sellers’ market that could boost competition for a sparse selection of homes.

The Hamilton-Burlington market led the way in new listings fall-off, down 18 per cent from October to November and down 25 per cent comparing last month to November 2010, according to numbers released Thursday by the Canadian Real Estate Association.

But local sales were up 1.1 per cent over October and 7.8 higher than November of last year.
Nationally, home resales rose 6 per cent last month on a year-over-year basis and jumped 0.5 per cent on a seasonally adjusted basis compared to October levels.

November marked the third straight month that national activity on the Multiple Listing Service was up from the one before. The national average price increased 4.6 per cent year-over-year to $360,396. In Hamilton-Burlington, the average price was $334,391, up 7.5 per cent.

And while prices continue to rise, CREA noted that November’s national increase was the smallest jump since January.

More than two-thirds of markets saw new listings decline from October to November.
‘The national housing market remains balanced, but is edging closer to seller’s market territory,’ the association said in a release.

From Canadian Press