Canadian Home Sales Edge Higher in November

OTTAWA - According to statistics released by The Canadian Real Estate Association (CREA), national resale housing activity rose slightly in November 2011 from the previous month.
Highlights:

• Sales activity rose slightly (+0.5 per cent) from October to November on a seasonally adjusted basis.
• Year-to-date sales remained in line with the 10 year average, but pulled further ahead of last year’s levels.
• The number of newly listed homes was down 3.4 per cent from October to November.
• The national housing market remains balanced, but is edging closer to seller’s market territory.
• The national average price posted a 4.6 per cent year-over-year gain in November, the smallest increase since January.

Sales activity recorded through the MLS Systems of real estate Boards and Associations in Canada edged upward by one-half of a percentage point. This marks the third straight month in which national activity was up from the previous month’s levels.