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Real Estate – MLS® Listings Down Across Canada

It is interesting to have a look at the Real Estate market across Canada and compare it what is happening here in Victoria.  The Victoria real estate market is holding it’s own and we think that many people will turn back and invest in real estate again. As we discussed before in our blogs, real estate is a long term investment, forget about flipping properties. If you do, you will eventually get caught. Flipping properties is almost as stressful as moving. Read more about moving in our 6 part series Moving Advice.

Back to the Canadian real estate market then; The number of properties listed via the MLS® systems of real estate boards in Canada retreated in August 2008 from record levels in the previous four months, according to statistics released today by The Canadian Real Estate Association (CREA). With new listings down from the recent peak, the resale housing market is stabilizing in most provinces.

These days, we as REALTORS® in Canada face a lot of questions about the real estate market, real estate price bubbles, and the value of a home. That’s because we are at the end of an unusually active period in Canadian real estate – 2007 was a record year for many of the things we use to monitor the real estate market, including the average MLS® residential price.

We must remember that all markets go through cycles, and remember that the national housing market is actually made up of different communities. Real estate markets are local, and every community, and every area, is different in terms of trends and pricing.

A slower activity in some of Canada’s pricier housing markets compared to year-ago levels will continue weighing on the national average price.

As CREA’s analysis show, the Canadian housing market is stable and home sellers are not under pressure to sell. This is in stark contrast to the U.S. housing market, where there are a large number of distress sales. In Victoria and Canada in general, with price gains diminishing and home buyers taking more time to shop, the number of active MLS® listings may continue to ease so the Canadian housing market would stabilize further.

The detailed statistical analysis for all MLS® activity in Canada can be read at the Canadian Real Estate Association website. The average price information quoted 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 differentials between geographic areas.

A brief video broadcast about this housing market information can be watched by clicking the link below.

MLS® Housing Market Report: August 2008

We would love to hear your opinion about what you think the economic out look is for Victoria, British Columbia and the rest of Canada. Drop us a not below.

If you are buying and are looking for a specific type of property like a small condo or a prestigious ocean front estate, we have the tools to make your search easy.

Cheers,
Bill

Bill Ethier B.Sc – REALTOR®

Properties in Victoria Professionals– Royal LePage Coast Capital Realty

Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.

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