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As 2007 is almost at a close it it interesting to look back at what have happened in the Victoria Real Estate Market. Last year at this time we predicted that we will have an average selling price of $600,000 by year end. Last month (November) proved us to be pretty close with an average price of $596,586. Our predictions for 2008 is that we will have a good strong market all year with a very active spring market. As far as price goes our very fuzzy crystal ball tells us $650,000 as an average price for a single family home by the end of 2008.The latest information from Canadian Real Estate Association (CREA) has some interesting facts and figures for all of Canada.

New annual record for MLS® home sales in 2007

OTTAWA – December 17th, 2007 – With one month still to go in the year, MLS® resale housing activity in Canada’s major markets broke all previous annual records by the end of November 2007, according to statistics released by The Canadian Real Estate Association (CREA). Activity in Canada’s major markets for the year-to-date in November 2007 totaled 345,577 units, up 2.7 per cent from the previous annual record of 336,646 sales set in 2005. Transactions in the first eleven months of 2007 have exceeded last year’s annual total in almost all major markets.Seasonally adjusted MLS® sales activity rebounded by 3.2 percent month-over-month to 29,992 units in November 2007 – the seventh highest monthly level on record. The monthly increase reflects a rise in activity in Vancouver, Toronto, Edmonton, Calgary, and Saskatoon.Seasonally adjusted transactions also set a new monthly record in Newfoundland and Labrador in November.

Activity reached the second highest monthly level ever in Saskatoon and Regina, and reached the third highest level in Winnipeg and Toronto.Actual (unadjusted) MLS® sales activity was up 7.6 per cent in November from the same month last year. This was the highest number of transactions ever for the month of November. Seasonally adjusted new MLS® residential listings edged up 0.4 per cent from October levels to reach 49,720 units – the second highest monthly level ever. New listings rose strongly in Toronto and posted month-over-month gains in Vancouver, Hamilton-Burlington, Calgary and Victoria. This offset fewer new resale housing listings in Edmonton, Winnipeg, London & St. Thomas, Newfoundland and Labrador, Saint John, Montreal and Quebec City. The monthly rise in sales activity caused the resale housing market to tighten in November compared to the previous month. Activity is at or just below record levels in Regina, Winnipeg and Newfoundland and Labrador, making them the tightest major markets in November. Edmonton, Calgary and Windsor remained the most balanced major markets.The major market MLS® residential average price rose 11.6 per cent year-over-year to $332,807 in November. This was the seventh consecutive month in which the increase in average price has exceeded ten per cent, and the largest increase since July. Average price surpassed all previous monthly records in Victoria, Kitchener-Waterloo, Montreal and Quebec City.

“Sales activity continues to run strong, even if it is off its peak set earlier this year in nearly all major markets,??? said CREA Chief Economist Gregory Klump. “Demand remains strong due to continuing job and income growth, and upbeat consumer confidence. That is helping retain a seller’s market in most major markets.???

“The number of new listings were virtually the same in November as October, so it was an increase in units sold through MLS® that meant a tighter market,??? Klump added. The biggest single market sales increase in November was reported in eastern Newfoundland, including St. John’s, where the number of MLS® units sold jumped 68 per cent compared to October. “It appears a series of announcements about the east coast oil industry has fueled consumer confidence and home buying sentiment in Newfoundland.???

The November MLS® statistics also show the Canadian housing market continues on a different track than the U.S. re-sale housing market. “Our association has not received any reports from REALTORS® that creditworthy homebuyers are having difficulty getting mortgage financing as a result of the sub-prime meltdown. Recent interest rate cuts and the availability of financing will buoy housing demand and economic activity in 2008,??? CREA President Ann Bosley said.

“We also expect that financial market uncertainty stemming from the sub-prime mortgage lending meltdown in the U.S. will put the pressure on Canadian interest rates from rising in 2008,??? Bosley added.

MLS® Major Market Residential Summary:

(Seasonally Adjusted Data)

(Unadjusted Data)

Dollar Volume ($ millions)

10,144.1

9,643.7

5.2

8,708.2

7,248.9

20.1

Unit Sales

29,992

29,050

3.2

26,166

24,316

7.6

Average Price ($)

332,807

298,112

11.6

New Listings

49,720

49,508

0.4

39,502

37,236

6.1

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighborhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

MLS® is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 90,000 REALTORS® working though more than 100 real estate Boards and Associations. CREA’s primary mission is to represent members at the federal level, and to defend the public’s right to own and enjoy property.

This report is published by the Communications Department of The Canadian Real Estate Association (CREA). Further information can be found at www.crea.ca. End of Article.

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Happy Holidays, Anders

Anders Treiberg, Associate Broker, REALTOR®

Properties in Victoria Professionals – Royal LePage Coast Capital.   

Anders Treiberg has been a REALTOR® in Victoria since 1990. He has extensive Real Estate Expertise and can be reached on his website  or via email at anders@PropertiesInVictoria.com

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