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Is the market colapings? Is the sky falling here in Victoria

A cross Canada housing re-sales declined in January which show a drop in year-over-year unit sales in almost every part of the country. Only Saskatchewan and Newfoundland did not show a decline in.

Home sales volumes dropped by an average of 6.3 per cent across Canada compared with January, 2007, at the same time a glut of new listings flooded the market, according to data released Friday by the Canadian Real Estate Association (CREA).

New listings on the MLS®  rose 10.7 per cent in January from December, the largest month-over-month increase in seven years, according to CREA. The 74,943 units up for sale in January set a new record for the month. “The overall increase in new listings stemmed mainly from a jump in listings in Western Canada,

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