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Canada For Sale Listings Hit Record High
Inquiring minds note Canadian homes for sale hits record in March
The number of re-sale houses on the market in Canada hit a record in March, with the new supply helping ease price pressures in the market, the Canadian Real Estate Association said.That is exactly how the bust started in the US: record units for sale with demand still strong. A few short months later demand collapsed while supply soared.
Some 97,663 properties were listed for sale on the Multiple Listing Service in March, that�s 20% higher than the previous March record set in 2008, CREA said.
A total of 233,402 new listings have come on stream since the beginning of the year, and that�s more than any other first quarter on record, it said.
The association said that while demand remains strong, there are signs the market is cooling off from the record-setting pace of the fourth quarter.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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