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  CANADIAN RESIDENTIAL REAL ESTATE IS SOLID - January 23, 2008
OTTAWA - January 23, 2008 - The Canadian housing market is 2007 set a number of MLS sales, records, and the re-sale housing market is expected to remain at near record sales levels in 2008, according to The Canadian Real Estate Association.

Annual residential MLS sales activity totaled 520,747 units in 2007, up 7.6 per cent from 2006 levels. This was the largest annual sales growth since 2002, and the first time transactions via the MLS systems of real estate boards in Canada have surpassed 500,000 units sold in one year.

"The results in 2007 show the strength and the affordability of the Canadian residential market," says CREA President Ann Bosley. "The statistics agin show just how different the housing markets are in Canada and the United States. Canadian REALTORS know the at Canadian mortgage lenders correctly see that home prices will continue rising. We know threre is still strong competition for mortgage business in Canada."

Three key economic ingredients will keep Canada's housng market on a different track from the United States. One is consumer confidence, the second is employment, and third is affordable interest rates. The Bank of Canada cut interest rates on January 22nd because of weaker prospects for Canadian economic growth in 2008. "Those lower interest rates will also help temper the erosion in housing affordability due to additional home price increases," Bosley added. The Bank of Canada is expected to cut its trend-setting rate again in March.

CREA's Chief Economist Gregory Klump says that the Canadian housing market in 2008 will pull back from the breakneck pace set in 2007, but this is still forecast to be the second-busiest year on record in almost all provinces, with residential unit sales reaching an estimated 512,705 units.

Average prices for MLS home sales are expected to keep setting records in 2008, although prices will increase more slowly as the market becomes more balanced. In most provinces, the market will nevertheless remain historically tight - with the tightest markets being in Saskatchewan and Manitoba. Nationwide, the average residential price is forecaast to increase 5.5 per cent to about $322,700.

According to CREA's Chief Economist, a larger supply of listings will be one of the balancing influences in 2008. New listings are forecast to rise in all provinces except Alberta, where they're expected to retreat after spiking in late 2007.

"The challenge for the Canadian housing market will be the extent to
which employment and consumer confidence may be affected by a slowdown in the U.S. economy," Ann Bosley adds.

"Slower job growth, not massive layoffs, are forecast for Canada in
2008," CREA's Chief Economist Gregory Klump adds. "Consumer confidence may be sideswiped by stock market volatility, and reports that chances of a U.S. economic recession will put the brakes on the Canadian economy. With slower job growth, a low unemployment rate and the absence of widespread layoffs, consumer confidence will bounce back. The domestic economy and the housing market will weather the sub-prime fallout with the help of lower interest rates".


For further information:
Bob Linney, CREA Communications Director, at (613) 301-2219 or rlinney@crea.ca
Gregory Klump, CREA Chief Economist, (613)237-7111, gklump@crea.ca



  Residential Year to Date Comparison APRIL 2005 to APRIL 2007
 
Sales in Dollars
Percentage Change
Number of Sales
Percentage Change
 
Area
2005
2006
2007
2005
to 2006
2006
to 2007
2005
2006
2007
2005
to 2006
2006
to 2007
  Board Totals $162,869,890.00 $178,806,758.00 $203,603,659.00 10% 14% 779 721 671 -7% -7%
  Summerland $25,325,461.00 $19,746,181.00 $30,189,750.00 -22% 53% 105 71 81 -32% 14%
  Similkameen $8,503,194.00 $12,845,200.00 $12,649,050.00 51% -2% 70 74 69 6% -7%
  Penticton $69,798,732.00 $91,486,572.00 $99,325,274.00 31% 9% 356 376 335 6% -11%
  Osoyoos $21,714,503.00 $19,147,490.00 $22,819,875.00 -12% 19% 85 77 59 -9% -23%
  Oliver $15,014,400.00 $19,462,600.00 $16,907,343.00 30% -13% 86 80 74 -7% -8%
  Naramata $8,867,800.00 $4,077,500.00 $7,069,567.00 -54% 73% 21 8 11 -62% 38%
  Kal/OK Falls $13,645,800.00 $12,041,215.00 $13,136,400.00 -12% 9% 56 35 36 -38% 3%

 
     

- Total Sales
- Sales Volume
- # of New Listings
- # of Active listings


 
June    
June 8 - 9, 2007   Old Time Fiddlers Contest - Immaculata Church Hall, 839 Sutherland Ave, Kelowna
June 8 - 10, 2007   12th Annual Summerland Bluegrass Campout – Summerland Rodeo Grounds
June 9, 2007   Interior Savings Fat Cat Children’s Festival - Waterfront Park, Downtown Kelowna
June 9, 2007   Relay for Life - Penticton
June 10, 2007   Rick Hansen Wheels in Motion - Art Gallery of the South Okanagan - Marina Way, Penticton
June 14 - 16, 2007   Legion Senior Slow Pitch Tourney - Oliver
June 15 - 17, 2007   Free Family Fishing Weekend - various lakes in Oliver
June 15 - 17, 2007   Old Stockers Slow Pitch Tourney - Oliver
June 16, 2007   11th Annual Kelowna Garden Tour - various gardens in Kelowna
June 16, 2007   Father’s Day Market Presented by Kelowna Farmers’ and Crafters’ Market - Corner of Springfield & Dilworth, Kelowna
June 16, 2007   Junior Triathlon - Rotary Beach, Oliver
June 16 , 2007   Pioneer Clock Unveiling - Pioneer Walk, Osoyoos
June 16, 2007   Molson Mid-Summer Fest - Molson, WA
June 16 - 17, 2007   Rotary Fishing Derby - Skaha Lake & other lakes in the area, Penticton
June 17, 2007   FATHER'S DAY
June 17, 2007   Boyd Auto Body Fathers Day Show & Shine Car Show - Leon Ave & Water St, Kelowna
June 17, 2007   Sprint Triathlon - Oliver
June 17, 2007   Father's Day Train - Summerland
June 21, 2007   FIRST DAY OF SUMMER
June 22 - 24, 2007   Cactus Jalopies Car Show - Veteran's Way, Osoyoos
June 22 - 24, 2007   Peach City Beach Cruise - South end of Okanagan Lake, Penticton
June 22 - 24, 2007   Penticton Pacific Northwest Elvis Fest - various locations in Penticton
June 23, 2007   The Smoke on the Water BBQ Competition - Tugboat Beach, Kelowna
June 23, 2007   Tinhorn Creek Concert Series - Oliver
June 23 - 24, 2007   Relay for Life - Osoyoos
June 23, 2007   The Sound of the Beatles - Cleland Community Theatre, Penticton
June 23, 2007   Trans Canada Trail Challenge - Summerland
June 24, 2007   Drag Races - Osoyoos Airport
June 24, 2007   An Afternoon of Musical Delight - United Church, Main & Ekhardt, Penticton
June 30, 2007   12th Birthday Market Presented by Kelowna Farmers’ and Crafters’ Market - Corner of Springfield & Dilworth, Kelowna
July    
July 1, 2007   CANADA DAY
July 1, 2007   Canada Day Celebrations - Waterfront Park, Kelowna
July 1, 2007   34th Annual Folk Fest - Prospera Place, Kelowna
July 1, 2007   Canada Day Celebrations - Oliver
July 1, 2007   Canada Day Celebrations - Peachland
July 1, 2007   Canada Day Celebrations - Gyro Park, Penticton
July 1, 2007   Canada Day Celebrations - Memorial Park, Summerland
July 4, 2007   Independence Day at the Beach - Oroville, WA
July 5 - 12, 2007   Farmers Market Week Presented by Kelowna Farmers’ and Crafters’ Market - Corner of Springfield & Dilworth, Kelowna
July 6 - 8, 2007   Wakefest - Waterfront Park, Kelowna
July 6 - 9, 2007   Okanagan Lavender Farm Harvest Festival - Okanagan Lavender Herb Farm - 4380 Takla Rd, Kelowna
July 7 - 8, 2007   Ladies Motorcycle Poker Run - Oliver
July 7 - 8, 2007   Lipizzaner Stallions - Prospera Place, Kelowna
July 10, 2007   Tragically Hip - Prospera Place, Kelowna
July 11, 2007   Kids Market Day Presented by Kelowna Farmers’ and Crafters’ Market - Corner of Springfield & Dilworth, Kelowna
July 14, 2007   21st Annual Boston Pizza Junior Triathlon - various locations throughout Penticton
July 15 , 2007   25th Annual Investors Group Peach City Triathlon - various locations throughout Penticton
July 17 - 21 , 2007   Double O Quilters Show - Art Centre, Oliver
July 20 - 22, 2007   14th Annual Beach Blanket Film Festival - Okanagan Lake, Penticton
July 20 - 22, 2007   18th Annual OK Antique & Classic Boat Show - Lakeside Resort, Penticton
July 21, 2007   Cherry Festival Presented by Kelowna Farmers’ and Crafters’ Market - Corner of Springfield & Dilworth, Kelowna
July 21, 2007   Awesome Summer Nite Car Show - Downtown Kelowna
July 21, 2007   Cherry Fair - Laurel Building, Kelowna
July 22 - 23, 2007   9th Annual SO Sportsmen's Carp Off - Oliver
July 26 - 29, 2007   Shakespeare in the Park Much Ado About Nothing - Island Stage - Waterfront Park, Kelowna
July 27, 2007   BC Hall of Fame Induction Dinner & Auction - Lakeside Resort, Penticton
July 28, 2007   Tinhorn Concert Series - Oliver
July 29, 2007   Romancing the Desert - Desert Centre, Osoyoos
July 31, 2007   John Fogerty - Prospera Place, Kelowna