The gap between sales and listings of used homes is narrowing in Calgary, a sign that balance could be returning to a marketplace top-heavy with available inventory, says a national group.
Across the country, the balance between sales and new listings has stabilized in many major resale housing markets in recent months, says the Canadian Real Estate Association.
That trend stands out most in Calgary and Edmonton, where a sharp drop in new listings and rising sales activity has considerably firmed up the resale housing market since the beginning of this year.
The number of properties listed through the MLS systems of Canada's major markets declined from July to September.
For the first time since the beginning of 2007, it caused the balance of sales to new listings to tighten compared to the previous three months.
There were 146,637 MLS residential listings in Canada's major markets on a seasonally-adjusted basis from July to September -- down 3.3 per cent below the previous quarter.
New listings declined by the biggest amount in Calgary and Edmonton, followed by declines in Vancouver and Montreal.
Marty Hope, Calgary Herald
Published: Saturday, November 01, 2008
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