Resale home listings – prices are on the rise.

Posted on 23. Apr, 2010 by in News

OTTAWA — The number of resale homes on the market is rising in Canada — and so are their prices, according to a report issued by the Conference Board of Canada on Friday.

The board’s Metro Resale Index shows home listings were up in March in 25 of the 28 markets measured – and by more than 10% over March of 2009 in most of those areas.

Sales were also up in 25 of the markets over February, and outpaced March 2009 in all 28, the board said.

Meanwhile, prices had risen by more than 10% in 16 of the 28 markets. According to the board’s calculations, only two cities could be characterized as having buyers’ markets in March — Victoria and Regina. Thunder Bay, Ont., was the only city with a seller’s market. The other 25 markets are balanced, favouring neither buyer nor seller, which the board says should keep price increases down.

Quebec markets should see some of the biggest short-term, year-over-year gains in resale housing prices. Six of the eight markets expected to see 7% growth are in that province: Gatineau, Montreal, Quebec, Sherbrooke, Trois-Rivieres and Saguenay, as well as Edmonton and Saskatoon.

Short-term growth of 5% is being forecast in another eight markets: Victoria, Vancouver, B.C.’s Fraser Valley, Calgary, Regina, Ottawa, Halifax and Newfoundland.

Resale prices in Winnipeg, Toronto — as well as Ontario centres Thunder Bay, Sudbury, Hamilton, St. Catherines, Kitchener, Kingston – and Saint John, N.B., are expected to grow over the short-term by 3%. Prices in Oshawa, London and Windsor, Ont., are expected to remain flat.

Financial Post  Published: Friday, April 23, 2010

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