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Canada resales skyrocket

Catherine Deshayes

In the midst of falling property sales and prices, the number of new listings for resale homes leapt past 80,000 for the first time last month.

The figures, released by the Canadian Real Estate Association, showed that resale, or existing home sale, properties totalled 80,147 across the country in July, which is an increase of 14.4 per cent from a year ago.

New entries also rose by 1.4 per cent between June and July alone, a far higher rise than seen in May.

Meanwhile, the average price for a Canadian home fell by 2.4 per cent to £171,620 and the number of home sales fell by 12.2 per cent from this time last year.  

The decline in July was the largest monthly decline since June 1992, according to a Merrill Lynch analysis.

Ontario and Quebec both set records for existing homes coming on the market last month. Listings in Manitoba reached their second-highest total this decade, with a 31 per cent rise.  

Saskatchewan listings rose by 42.5 per cent, while British Columbia's listings were up by 21 per cent.

However, listings in the oil rich state of Alberta continued to fall.

To browse properties for sale in Canada, visit canada.themovechannel.com/