New residential listings on the MLS in Canada’s major markets fell in August from record levels seen in the previous four months, according to statistics released by The Canadian Real Estate Association, which some suggest means the resale housing market is stabilizing.
New listings, which topped 50,000 in April, May, June and July, fell in August to a seasonally adjusted 47,657 homes — down 5.3 percent from July — and now stand at their lowest level this year, CREA reported.
This trend has been most evident in Calgary and Edmonton, where fewer new listings and rising sales activity have stabilized the resale housing market, CREA reported. New listings remain most elevated relative to sales activity in Saskatoon and Vancouver, making them the most balanced major markets in the country, according to CREA.
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