OTTAWA – December 15th, 2009 – According to statistics released by The Canadian Real Estate Association, exist-ing home sales activity remained upbeat in November 2009. The current strength of housing demand stands in sharp contrast to weak activity recorded one year ago.

A total of 36,383 residential properties traded hands via the Multiple Listing Service® (MLS®) of Canadian real estate boards in November 2009. Up 73 per cent from year-ago levels, activity was down just four tenths of a per cent from the highest level of activity for the month posted in November 2007. Home sales set new records for the month of November in Ontario and Quebec.

“National home sales activity last month shows how strongly the housing market has rebounded since the begin-ning of the year,’ said CREA President Dale Ripplinger. “As we predicted last April, the rebound in resale housing activity led the overall Canadian economy out of recession.”

The unprecedented year-over-year gain in activity underscores the extent to which demand has recovered from one year ago, when news of the global financial crisis hammered consumer confidence. Year-over-year gains were biggest in British Columbia (165 per cent) and Ontario (77 per cent).

Since the beginning of 2009, some 437,507 homes have been sold through Canadian MLS® systems. This is up five per cent from activity in the first 11 months of 2008, but below levels for the period in each of the previous three years.

The national residential average price was $337,231 in November, a gain of 19 per cent compared to one year ago. For the year-to-date, the average price is up 4.4 per cent compared to the same period last year. The year-over-year increase in November continues to reflect the high degree to which the average was skewed downward last year by plummeting activity in Canada’s priciest markets, and then upward by rebounding activity. Average price in November edged back from the peak reached in October.

The price trend is similar but less dramatic for the national MLS® weighted average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. The weighted average price climbed 13 per cent on a year-over-year basis in November. This is a smaller increase compared to the year-over-year gain of 14 per cent recorded the previous month.

The residential average price in Canada’s major markets was up 20 per cent year-over-year to $368,665. As with the national counterpart, the price trend is similar but less dramatic for the major market weighted average price which rose 11 per cent from last November.

The return of strong demand and headline average price gains is beginning to draw more sellers back to the mar-ket. Seasonally adjusted new listings coming onto Boards’ MLS® Systems across Canada rose five per cent on a month-over-month basis in November to 69,110 units. This is the biggest monthly increase since January 2008.

Despite the uptick in new listings, the sharp rise in resale housing demand continues to draw down inventories. There were 183,710 homes listed for sale on Boards’ MLS® Systems in Canada at the end of November 2009. This is down 23 per cent from levels reported one year ago, and the seventh month in a row in which inventories have declined from year-ago levels.

Existing home sales activity remains strong in November

Nationally, there were four months of inventory in November 2009 on a seasonally adjusted basis, the lowest level in more than two years. The actual (not seasonally adjusted) number of months of inventory in November 2009 stood at five months, up slightly from the previous month (4.6 months). An increase is normal at this time of year, since demand tends to ease relative to supply over autumn and winter months. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

“The latest batch of seasonally adjusted statistics may reflect distortions in the seasonal adjustment procedure due to an extraordinarily weak housing market one year ago,” said CREA Chief Economist Gregory Klump. “De-teriorating housing affordability will reign in sales activity as the overall economy further improves and the pool of buyers who qualify for financing shrinks.” PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information of Boards’ MLS® Systems from the previous month. The Canadian Real Estate Association has previously released these separately.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighborhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 96,000 real estate Brokers/agents and salespeople working through more than 100 real estate Boards and Associations. Registrants in any province who become members of organized real estate have an obligation to act in accordance with the REALTOR® Code. This Code outlines the accepted standard of conduct for all real estate practitioners who are members of a real estate Board or a Provincial Association. CREA owns the MLS® and REALTOR® trademarks, which signify a high standard of service and identify members of CREA.

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For more information, please contact:

Alyson Fair, PublicistThe Canadian Real Estate AssociationP: 613-237-7111 or 613-884-1460E: afair@crea.ca

Issued by: CREA Communications DepartmentDecember 15th 2009

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PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information of Boards’ MLS® Systems from the previous month.

Total Statistical Survey Summary: NOVEMBER 2009Seasonally Adjusted

percentage change

Nov-09 Oct-09 Nov-Oct Oct-Sept Sept-Aug Aug-July July-June June-May

British Columbia Dollar Volume* 4,891.3 4,942.4 -1.0 10.5 5.7 5.8 13.0 18.5Unit Sales 10,062 10,112 -0.5 6.2 5.9 3.5 8.7 18.2New Listings 15,745 15,656 0.6 5.1 -1.6 1.6 2.2 5.8

Prairie Provinces Dollar Volume* 2,723.3 2,766.1 -1.5 2.6 5.4 -3.0 2.9 15.6Unit Sales 8,450 8,545 -1.1 2.8 2.8 -3.4 3.3 9.9New Listings 14,148 13,095 8.0 -0.9 -4.4 -3.7 -0.6 0.7

Alberta Dollar Volume* 2,188.5 2,230.9 -1.9 2.9 6.4 -3.3 1.0 17.2Unit Sales 6,051 6,144 -1.5 4.3 3.4 -4.3 1.8 10.2New Listings 10,417 9,592 8.6 -0.1 -5.9 -3.5 1.5 0.4

Saskatchewan Dollar Volume* 286.3 288.8 -0.9 1.5 2.2 -3.0 15.3 13.4Unit Sales 1,184 1,202 -1.5 -2.0 1.7 0.0 12.4 12.9New Listings 2,001 1,938 3.3 1.9 1.6 -8.4 -9.3 2.0

Manitoba Dollar Volume* 248.6 246.3 0.9 1.5 0.5 -1.1 6.5 4.8Unit Sales 1,215 1,199 1.3 -0.1 0.8 -1.9 2.6 5.7New Listings 1,730 1,565 10.5 -8.8 -2.3 0.3 -1.9 1.0

Ontario Dollar Volume* 6,825.2 6,563.3 4.0 4.9 4.2 1.9 1.8 13.4Unit Sales 20,541 19,916 3.1 5.9 2.9 1.1 -0.2 9.4New Listings 32,490 29,928 8.6 1.9 -2.5 -1.1 2.2 1.9

Quebec Dollar Volume* 1,892.3 1,829.1 3.5 5.0 4.2 -3.0 4.7 2.9Unit Sales 8,076 7,876 2.5 4.9 2.8 -4.7 3.9 2.6New Listings 13,036 12,851 1.4 -0.7 -1.9 -8.8 4.4 2.6

Atlantic Provinces Dollar Volume* 409.0 406.5 0.6 6.2 2.0 -3.7 2.8 4.2Unit Sales 2,324 2,337 -0.6 6.2 1.6 -5.0 2.6 5.2New Listings 4,502 4,538 -0.8 -3.3 -2.2 -1.5 -3.1 2.4

New Brunswick Dollar Volume* 106.2 99.4 6.8 3.7 0.8 -9.2 7.8 -1.1Unit Sales 717 689 4.1 6.5 1.3 -14.3 11.3 3.4New Listings 1,561 1,480 5.5 -5.5 -5.9 6.4 -5.4 3.5

Nova Scotia Dollar Volume* 196.2 204.1 -3.9 10.7 -1.8 0.2 2.4 7.2Unit Sales 1,027 1,067 -3.7 6.0 -0.9 1.8 -2.3 9.2New Listings 1,970 1,961 0.5 -5.6 4.1 -7.3 -2.5 0.6

Prince Edward Island Dollar Volume* 19.7 21.2 -7.0 -1.7 34.9 -28.6 14.6 -5.3Unit Sales 148 154 -3.9 4.8 8.1 -13.9 8.2 -4.6New Listings 327 320 2.2 -3.3 -1.2 -2.6 -0.3 9.9

Newfoundland Dollar Volume* 86.9 81.8 6.2 1.0 6.0 1.8 -5.3 6.8Unit Sales 432 427 1.2 6.8 6.4 -1.1 -1.8 2.4New Listings 644 777 -17.1 8.1 -10.5 -0.6 -1.0 2.3

All Other Areas Dollar Volume* 14.6 17.1 -14.7 47.4 -26.1 7.5 -22.2 4.4Unit Sales 48 53 -9.4 17.8 -13.5 0.0 -5.5 -5.2New Listings 32 48 -33.3 14.3 -19.2 -21.2 1.5 0.0

CANADA Dollar Volume* 16,755.6 16,524.5 1.4 6.2 4.7 1.4 5.2 13.4Unit Sales 49,501 48,839 1.4 5.3 3.4 -0.6 2.9 9.5New Listings 79,953 76,116 5.0 1.3 -2.6 -2.5 1.7 2.6

* $millions

Note: Due to changes in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2002 are not directly comparable with earlier years.

Source: The Canadian Real Estate Association (12/9/2009)

Residential Statistical Survey Summary: NOVEMBER 2009Seasonally Adjusted

percentage change

Nov-09 Oct-09 Nov-Oct Oct-Sept Sept-Aug Aug-July July-June June-May

British Columbia Dollar Volume* 4,684.8 4,619.4 1.4 6.8 6.8 5.8 13.3 22.5Unit Sales 9,489 9,544 -0.6 6.8 5.1 3.7 9.1 17.2New Listings 13,923 13,558 2.7 4.5 -0.6 0.5 5.0 3.9

Prairie Provinces Dollar Volume* 2,457.0 2,487.2 -1.2 5.1 4.2 -3.9 3.6 10.6Unit Sales 7,633 7,821 -2.4 2.6 1.5 -4.7 3.9 10.7New Listings 11,745 10,875 8.0 0.4 -6.6 -3.6 1.5 -0.3

Alberta Dollar Volume* 1,974.0 2,010.8 -1.8 6.6 4.8 -4.6 2.2 11.4Unit Sales 5,549 5,689 -2.5 3.6 2.0 -5.5 3.0 11.3New Listings 8,602 8,022 7.2 1.8 -8.1 -3.6 3.2 -0.3

Saskatchewan Dollar Volume* 240.2 240.6 -0.2 -1.3 2.9 -1.1 13.3 10.2Unit Sales 958 1,002 -4.4 -0.9 -0.1 -4.3 12.6 13.4New Listings 1,589 1,444 10.0 1.0 -3.2 -4.8 -4.8 -1.2

Manitoba Dollar Volume* 242.8 235.8 3.0 0.1 1.6 -1.1 6.7 5.0Unit Sales 1,126 1,130 -0.4 0.8 0.4 -1.4 1.3 5.9New Listings 1,554 1,409 10.3 -7.3 -1.6 -2.5 -1.2 1.1

Ontario Dollar Volume* 6,642.2 6,374.3 4.2 7.6 4.7 1.1 2.6 9.5Unit Sales 19,580 19,078 2.6 6.1 3.0 0.8 0.0 8.5New Listings 28,534 26,354 8.3 1.8 -3.1 -0.7 1.8 2.2

Quebec Dollar Volume* 1,778.0 1,717.2 3.5 5.2 3.9 -4.3 4.2 2.7Unit Sales 7,678 7,389 3.9 4.4 2.9 -5.1 3.3 2.5New Listings 11,348 11,300 0.4 -1.7 -0.8 -8.7 4.7 2.4

Atlantic Provinces Dollar Volume* 381.6 379.1 0.6 3.7 4.7 -4.5 0.7 5.0Unit Sales 2,023 2,017 0.3 4.3 0.9 -3.0 -1.0 5.7New Listings 3,525 3,508 0.5 -0.6 -2.6 -1.7 -1.1 0.5

New Brunswick Dollar Volume* 98.4 90.6 8.6 -2.4 3.1 -10.1 6.0 2.0Unit Sales 633 577 9.7 1.2 -1.7 -8.9 4.6 1.2New Listings 1,188 1,148 3.5 0.8 -4.8 0.2 -3.2 -0.2

Nova Scotia Dollar Volume* 182.4 192.1 -5.1 8.2 2.4 -1.1 0.3 7.7Unit Sales 890 942 -5.5 7.2 -2.3 3.8 -4.4 10.9New Listings 1,600 1,528 4.7 -2.7 0.6 -2.3 -2.1 -0.5

Prince Edward Island Dollar Volume* 17.4 17.9 -3.1 3.2 31.7 -27.8 5.9 -3.7Unit Sales 115 122 -5.7 6.1 25.0 -25.8 5.1 0.0New Listings 224 225 -0.4 0.9 -0.9 -1.7 2.2 1.8

Newfoundland Dollar Volume* 83.4 78.4 6.3 1.0 7.5 0.9 -6.4 4.8Unit Sales 385 376 2.4 1.6 7.6 -0.9 -3.6 3.2New Listings 513 607 -15.5 1.8 -7.2 -3.7 4.1 4.4

All Other Areas Dollar Volume* 13.0 15.7 -16.9 23.6 -22.9 16.8 -18.0 -5.4Unit Sales 47 52 -9.6 33.3 -18.8 17.1 -14.6 -4.0New Listings 35 39 -10.3 -7.1 -6.7 -22.4 -6.5 14.8

CANADA Dollar Volume* 15,956.6 15,592.9 2.3 6.6 5.1 0.8 5.7 11.7Unit Sales 46,450 45,901 1.2 5.3 3.0 -0.8 2.8 9.1New Listings 69,110 65,634 5.3 1.3 -2.8 -2.5 2.7 2.0

* $millions

Note: Due to changes in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2002 are not directly comparable with earlier years.

Source: The Canadian Real Estate Association (12/9/2009)

Total Report: NOVEMBER 2009  Dollar Volume ($millions) Unit Sales Average Price New Listings

Nov-09 Nov-08%

change Nov-09 Nov-08%

change Nov-09 Nov-08%

change Nov-09 Nov-08 % changeBritish Columbia 3,610.3 1,120.2 222.3 7,702 2,911 164.6 468,743 384,808 21.8 11,103 10,584 4.9Prairie Provinces 2,001.5 1,290.6 55.1 6,344 4,315 47.0 315,493 299,102 5.5 10,065 10,489 -4.0Alberta 1,612.9 1,030.1 56.6 4,519 2,974 52.0 356,914 346,357 3.0 7,470 7,843 -4.8Saskatchewan 208.6 131.3 58.8 889 591 50.4 234,638 222,211 5.6 1,403 1,467 -4.4Manitoba 180.0 129.2 39.3 936 750 24.8 192,306 172,308 11.6 1,192 1,179 1.1Ontario 5,388.3 2,643.0 103.9 16,264 9,151 77.7 331,304 288,817 14.7 24,917 23,986 3.9Quebec 1,588.1 1,015.1 56.5 6,748 4,642 45.4 235,344 218,667 7.6 11,632 12,413 -6.3Atlantic Provinces 350.9 265.1 32.4 2,017 1,662 21.4 173,971 159,489 9.1 3,173 3,250 -2.4New Brunswick 86.0 62.4 37.8 580 466 24.5 148,243 133,927 10.7 1,064 1,105 -3.7Nova Scotia 148.3 107.0 38.6 816 632 29.1 181,729 169,237 7.4 1,389 1,291 7.6Prince Edward Island 21.8 19.3 12.9 158 155 1.9 137,900 124,511 10.8 199 208 -4.3Newfoundland 94.8 76.4 24.1 463 409 13.2 204,838 186,805 9.7 521 646 -19.3Yukon 6.5 4.0 63.5 23 12 91.7 283,188 331,875 -14.7 15 29 -48.3Northwest Territories 5.2 3.9 32.0 13 11 18.2 396,788 355,118 11.7 6 17 -64.7CANADA (actual) 12,950.7 6,341.8 104.2 39,111 22,704 72.3 331,128 279,324 18.5 60,911 60,768 0.2CANADA (seasonally adjusted) 16,755.6 8,398.3 99.5 49,501 29,632 67.1 n.a. n.a. - 79,953 84,022 -4.8

Total Report: NOVEMBER 2009 Year-to-Date  Dollar Volume ($millions) Unit Sales Average Price New Listings

Jan-Nov2009

Jan-Nov2008

% change

Jan-Nov2009

Jan-Nov2008

% change

Jan-Nov2009

Jan-Nov2008

% change

Jan-Nov2009

Jan-Nov2008 % change

British Columbia 38,079.8 31,969.3 19.1 84,072 71,815 17.1 452,943 445,161 1.7 165,572 196,682 -15.8Prairie Provinces 25,900.2 26,681.1 -2.9 84,395 84,946 -0.6 306,893 314,094 -2.3 161,226 192,428 -16.2Alberta 20,506.9 21,464.7 -4.5 59,278 59,349 -0.1 345,944 361,670 -4.3 116,736 146,313 -20.2Saskatchewan 2,787.5 2,626.1 6.1 11,935 11,740 1.7 233,557 223,685 4.4 24,355 25,968 -6.2Manitoba 2,605.9 2,590.3 0.6 13,182 13,857 -4.9 197,683 186,927 5.8 20,135 20,147 -0.1Ontario 60,322.7 54,789.7 10.1 193,217 183,130 5.5 312,202 299,185 4.4 345,878 390,716 -11.5Quebec 17,655.0 16,695.7 5.7 78,619 77,868 1.0 224,564 214,410 4.7 152,201 162,674 -6.4Atlantic Provinces 4,154.6 4,323.1 -3.9 24,331 26,872 -9.5 170,754 160,878 6.1 54,734 57,290 -4.5New Brunswick 1,091.0 1,150.9 -5.2 7,510 8,235 -8.8 145,272 139,753 3.9 18,081 18,364 -1.5Nova Scotia 1,989.8 2,133.9 -6.8 10,760 11,975 -10.1 184,927 178,195 3.8 23,901 25,407 -5.9Prince Edward Island 221.1 216.6 2.1 1,655 1,786 -7.3 133,581 121,274 10.1 3,712 4,647 -20.1Newfoundland 852.7 821.8 3.8 4,406 4,876 -9.6 193,537 168,535 14.8 9,040 8,872 1.9Yukon 81.0 76.5 5.9 301 279 7.9 269,199 274,188 -1.8 407 538 -24.3Northwest Territories 73.2 61.5 19.0 216 194 11.3 338,740 317,030 6.8 222 246 -9.8CANADA (actual) 146,266.5 134,596.9 8.7 465,151 445,104 4.5 314,450 302,394 4.0 880,240 1,000,574 -12.0CANADA (seasonally adjusted) 141,535.9 131,344.9 7.8 447,771 433,583 3.3 n.a. n.a. - 853,165 958,163 -11.0

Note: Due to changes in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2002 are not directly comparable with earlier years. Source: The Canadian Real Estate Association (12/9/2009)

Residential Report: NOVEMBER 2009  Dollar Volume ($millions) Unit Sales Average Price New Listings

Nov-09 Nov-08%

change Nov-09 Nov-08%

change Nov-09 Nov-08%

change Nov-09 Nov-08 % changeBritish Columbia 3,464.5 1,071.1 223.4 7,182 2,707 165.3 482,382 395,687 21.9 9,621 8,939 7.6Prairie Provinces 1,803.7 1,165.1 54.8 5,780 3,972 45.5 312,057 293,329 6.4 8,318 8,828 -5.8Alberta 1,454.2 928.4 56.6 4,154 2,744 51.4 350,081 338,354 3.5 6,207 6,665 -6.9Saskatchewan 177.1 113.5 56.1 754 521 44.7 234,932 217,801 7.9 1,069 1,143 -6.5Manitoba 172.3 123.2 39.9 872 707 23.3 197,611 174,235 13.4 1,042 1,020 2.2Ontario 5,194.2 2,544.0 104.2 15,376 8,673 77.3 337,813 293,328 15.2 21,724 21,649 0.3Quebec 1,475.5 931.8 58.3 6,281 4,301 46.0 234,915 216,649 8.4 10,143 10,950 -7.4Atlantic Provinces 321.3 240.3 33.7 1,731 1,408 22.9 185,640 170,671 8.8 2,477 2,508 -1.2New Brunswick 77.9 56.4 38.1 498 399 24.8 156,425 141,354 10.7 793 846 -6.3Nova Scotia 134.9 96.0 40.5 690 519 32.9 195,493 185,020 5.7 1,130 999 13.1Prince Edward Island 18.5 16.6 11.4 122 117 4.3 151,427 141,717 6.9 138 146 -5.5Newfoundland 90.1 71.3 26.3 421 373 12.9 213,964 191,148 11.9 416 517 -19.5Yukon 6.5 4.0 63.5 23 12 91.7 283,188 331,875 -14.7 14 29 -51.7Northwest Territories 3.8 3.9 -3.6 10 11 -9.1 376,700 355,118 6.1 6 17 -64.7CANADA (actual) 12,269.5 5,960.3 105.9 36,383 21,084 72.6 337,231 282,691 19.3 52,303 52,920 -1.2CANADA (seasonally adjusted) 15,956.6 8,160.5 95.5 46,450 27,867 66.7 n.a. n.a. - 69,110 74,802 -7.6

Residential Report: NOVEMBER 2009 Year-to-Date  Dollar Volume ($millions) Unit Sales Average Price New Listings

Jan-Nov2009

Jan-Nov2008

% change

Jan-Nov2009

Jan-Nov2008

% change

Jan-Nov2009

Jan-Nov2008

% change

Jan-Nov2009

Jan-Nov2008 % change

British Columbia 36,771.5 30,278.2 21.4 79,325 66,467 19.3 463,555 455,537 1.8 142,739 171,395 -16.7Prairie Provinces 23,553.2 23,947.3 -1.6 77,469 77,236 0.3 304,034 310,054 -1.9 134,320 163,634 -17.9Alberta 18,649.2 19,283.3 -3.3 54,744 54,517 0.4 340,662 353,712 -3.7 97,756 125,798 -22.3Saskatchewan 2,398.1 2,185.5 9.7 10,278 9,722 5.7 233,326 224,798 3.8 18,534 19,914 -6.9Manitoba 2,505.9 2,478.5 1.1 12,447 12,997 -4.2 201,324 190,698 5.6 18,030 17,922 0.6Ontario 58,639.6 52,979.7 10.7 184,648 174,764 5.7 317,575 303,150 4.8 307,382 354,795 -13.4Quebec 16,657.8 15,788.3 5.5 74,139 73,367 1.1 224,683 215,196 4.4 134,335 143,513 -6.4Atlantic Provinces 3,903.7 4,004.5 -2.5 21,425 23,403 -8.5 182,203 171,112 6.5 41,756 43,557 -4.1New Brunswick 1,027.0 1,053.4 -2.5 6,614 7,217 -8.4 155,279 145,955 6.4 13,661 13,890 -1.6Nova Scotia 1,867.3 1,988.9 -6.1 9,503 10,456 -9.1 196,499 190,220 3.3 18,377 19,450 -5.5Prince Edward Island 190.2 182.1 4.4 1,291 1,316 -1.9 147,341 138,388 6.5 2,531 2,998 -15.6Newfoundland 819.1 780.1 5.0 4,017 4,414 -9.0 203,918 176,737 15.4 7,187 7,219 -0.4Yukon 80.4 75.5 6.5 296 272 8.8 271,632 277,429 -2.1 383 509 -24.8Northwest Territories 67.9 60.1 13.0 205 190 7.9 331,386 316,348 4.8 209 243 -14.0CANADA (actual) 139,674.2 127,133.5 9.9 437,507 415,699 5.2 319,250 305,831 4.4 761,124 877,646 -13.3CANADA (seasonally adjusted) 133,786.9 124,188.1 7.7 422,090 407,146 3.7 n.a. n.a. - 740,194 847,713 -12.7

Note: Due to changes in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2002 are not directly comparable with earlier years. Source: The Canadian Real Estate Association (12/9/2009)