New annual record for home sales

(CBC) - Real estate sales in the country's major markets have set a new annual record, according to the Canadian Real Estate Association (CREA).

The association says 345,577 resale homes were bought and sold in the first 11 months of the year. That breaks the previous annual record of 336,646 set in 2005.

The average resale price in 24 major markets last month was $332,807. That's a rise of 11.6 per cent from a year earlier.

Saskatchewan's two biggest cities were again home to the biggest percentage gains.

In Saskatoon, the average resale home sold for $251,202 in November. That's up 50 per cent from the previous November. Regina's increase of 41.3 per cent put it in second place. The average home in the provincial capital sold for $174,444 last month.

Vancouver's real estate continues to be the priciest in the country, with an average resale price of $577,219. That amounts to an 11.2 per cent increase year-over-year.

The formerly red-hot real estate markets in Calgary and Edmonton showed more signs of cooling. Edmonton's average resale price in November was $325,060 - down $22,600 from October. But that still leaves prices in the Alberta capital 15.1 per cent above last year.

Calgary's average resale home sold for $408,638 last month - up 13.3 per cent year-over-year. The number of sales in both Calgary and Edmonton slid by double-digits from November 2006.

Sales in Newfoundland and Labrador, on the other hand, were booming - up 67.9 per cent year-over-year. "It appears a series of announcements about the east coast oil industry has fuelled consumer confidence and home buyer sentiment in Newfoundland," said CREA chief economist Gregory Klump.

Record average prices were posted in Victoria, Kitchener-Waterloo, Montreal and Quebec City, CREA said.

Thunder Bay, Ont., St. Catharines, Ont., and Windsor, Ont., were the only three cities to record price declines over the past year.

The average home in Thunder Bay sold for $119,822 last month - a drop of 8.2 per cent from last year. St. Catharines' average resale price in November fell 0.6 per cent from the previous November to $208,546. Windsor's average slid 4.2 per cent to $160,160.

CREA's figures are based on sales through the Multiple Listing Service system