The Canadian Real Estate Association News Release

The Canadian Real Estate Association News Release Canadian home sales activity eases in October Ottawa, ON, November 15, 2018 Statistics 1 released today by the Canadian Real Estate Association (CREA) show national home sales declined between September and. Highlights: National home sales fell 1.6% from September to October. Actual (not seasonally adjusted) activity was down by 3.7% from one year ago. The number of newly listed homes eased 1.1% from September to October. The MLS Home Price Index (HPI) was up 2.3% (y-o-y) in October. The national average sale price slipped by 1.5% y-o-y in October. Home sales via Canadian MLS Systems edged back by 1.6% in. While activity is still stronger compared to the first half of 2018, it remains below levels recorded from early 2014 through 2017. (Chart A) Chart A Transactions declined in more than half of all local markets, led by Hamilton- Burlington, Montreal and Edmonton. Although activity did improve modestly in many markets, it was offset by a decline in sales elsewhere by a factor of two. Actual (not seasonally adjusted) activity was down 3.7% compared to October 2017 and in line with the 10-year average for the month. While sales were down y-o-y in slightly more than half of all local markets in October, lower sales in Greater Vancouver and the Fraser Valley more than offset the rise in sales in the Greater Toronto Area (GTA) and Montreal by a wide margin. * Data table available to media upon request, for purposes of reprinting only. This year s new mortgage stress-test has lowered how much mortgage home buyers can qualify for across Canada, but its effect on sales has varied somewhat depending on location, housing type and price range, said CREA President Barb Sukkau. All real estate is local. A professional REALTOR is your best source for information and guidance in negotiating a purchase or sale of a home during these changing times, added Sukkau. National sales activity lost momentum in October, said Gregory Klump, CREA s Chief Economist. In part, this reflects waning activity among some urban centers in Ontario s Greater Golden Horseshoe region and the absence of an offsetting rise in sales in the Lower Mainland of British Columbia. Even so, the balance between sales and listings in these regions points to stable prices or modest gains. By contrast, the balance between sales and listings for housing markets in Alberta, Saskatchewan and Newfoundland indicates a weak pricing environment for homeowners who are looking to sell. 1 All figures in this release except price measures are seasonally adjusted unless otherwise noted. Removing normal seasonal variations enables meaningful analysis of s and fundamental trends. The trademarks MLS, Multiple Listing Service and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. 1

The number of newly listed homes edged down 1.1% between September and October, led by the GTA, Calgary and Victoria. The decline in new supply among these markets more than offset an increase in new supply in Edmonton and Greater Vancouver. As for the balance between sales and listings, the national sales-to-new listings ratio in October came in at 54.2% close to September s reading of 54.4% and its long-term average of 53.4%. Considering the degree and duration to which market balance readings are above or below their long-term average is the best way of gauging whether local housing market conditions favour buyers or sellers. As a rule of thumb, measures of market balance that are within one standard deviation of their long-term average are generally consistent with balanced market conditions. Based on a comparison of the sales-to-new listings ratio with the long-term average, about two-thirds of all local markets were in balanced market territory in. The number of months of inventory is another important measure for the balance between sales and the supply of listings. It represents how long it would take to liquidate current inventories at the current rate of sales activity. There were 5.3 months of inventory on a national basis at the end of. While this remains in line with its long-term national average, the number of months of inventory is well above its long-term average in the Prairie provinces and in Newfoundland & Labrador. By contrast, Ontario and Prince Edward Island are the two provinces where the measure remains more than one standard deviation below its long-term average. In other provinces, the number of months of inventory is closer to its long-term average and suggests that sales and inventory are well balanced. The Aggregate Composite MLS Home Price Index (MLS HPI) was up 2.3% y-o-y in with similar gains posted in each of the three previous months. (Chart B) Chart B * Data table available to media upon request, for purposes of reprinting only. Apartment units posted the largest y-o-y price gains in October (+7.4%), followed by townhouse/row units (+3.9%). By comparison, one-storey single-family homes posted a modest increase (+0.6%) while two-storey singlefamily home prices held steady. Trends continue to vary widely among the 17 housing markets tracked by the MLS HPI. In British Columbia, home price gains have been diminishing on a y-o-y basis (Greater Vancouver: +1%; Fraser Valley: +6.8%; Victoria +8.5%; elsewhere on Vancouver Island: +11.8%). The trademarks MLS, Multiple Listing Service and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. 2

By contrast, MLS HPI benchmark price comparisons are improving on a y-o-y basis among housing markets in the Greater Golden Horseshoe region that are tracked by the index. Home prices were up from year-ago levels in Guelph (+9.3%), Hamilton-Burlington (+6.8%), the Niagara Region (+6.3%), the GTA (+2.6%) and Oakville- Milton (+2.2%). While home prices in Barrie and District remain slightly below year-ago levels (-0.9%), declines there are shrinking; if current price momentum persists, home prices in December are on track to turn positive compared to December 2017. Across the Prairies, benchmark home prices remained below year-ago levels in Calgary (-2.6%), Edmonton (-2.4%), Regina (-3.6%) and Saskatoon (-0.9%). Home prices rose by 6.6% y-o-y in Ottawa (led by a 7.4% increase in two-storey single-family home prices), by 6.3% in Greater Montreal (led by a 9.8% increase in townhouse/row unit prices) and by 4.2% in Greater Moncton (led by a 12.4% increase in townhouse/row unit prices). (Table 1) The MLS HPI provides the best way to gauge price trends because average price trends are strongly distorted by s in the mix of sales activity from one month to the next. The actual (not seasonally adjusted) national average price for homes sold in was just under $496,800, down 1.5% from the same month last year. The national average price is heavily skewed by sales in Greater Vancouver and the GTA, two of Canada s most active and expensive markets. Excluding these two markets from calculations cuts almost $114,000 from the national average price, trimming it to just under $383,000. The trademarks MLS, Multiple Listing Service and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. 3

Table 1 MLS Home Price Index Benchmark Price Composite HPI: October 2018 1 month ago 3 months ago Interactive tables and charts for MLS Home Price Index data on Composite, Single family homes (including separate indices for one- and two-storey homes), Townhouse/row units, and Apartment units are available at http://www.crea.ca/housing-market-stats/mls-home-price-index/hpi-tool/. Data table available to media upon request, for purposes of reprinting only. Percentage Change vs. 6 months ago 12 months ago 3 years ago 5 years ago Aggregate $623,000-0.13-0.93-0.81 2.33 27.92 44.04 Lower Mainland $995,500-0.80-3.36-3.19 2.94 48.45 77.58 Greater Vancouver $1,062,100-0.79-3.34-3.64 1.03 41.90 73.28 Fraser Valley $853,600-0.77-3.43-2.35 6.84 66.03 87.84 Vancouver Island $485,300-0.42 0.84 3.63 11.85 54.01 66.64 Victoria $693,600-0.09 0.05 1.23 8.50 47.90 59.94 Calgary $422,000-0.51-1.92-2.07-2.61-5.92 1.68 Edmonton $324,000-0.80-2.88-3.08-2.42-5.30-0.16 Regina $277,100 0.04-0.99 1.17-3.60-1.59-8.89 Saskatoon $295,100 0.46 0.09 0.78-0.86-5.48-5.96 Guelph $526,300 0.76 1.73 2.12 9.33 40.00 52.04 Hamilton-Burlington $579,600 0.74-0.12 1.26 6.80 40.82 69.21 Oakville-Milton $958,700 0.63 1.75 0.04 2.19 31.07 51.06 Barrie and District $475,700 0.74 0.66-2.00-0.86 34.42 58.68 Greater Toronto $766,300 0.12-0.08 0.20 2.64 34.72 60.08 Niagara Region $389,200 0.09-0.26 2.20 6.27 54.87 76.12 Ottawa $393,400 0.17 0.87 3.00 6.58 16.91 18.10 Greater Montreal $350,000 0.67 1.46 2.55 6.28 15.21 17.00 Greater Moncton $182,600 0.71-0.70 2.51 4.16 13.37 17.49 The trademarks MLS, Multiple Listing Service and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. 4

- 30 - PLEASE NOTE: The information contained in this news release combines both major market and national sales information from MLS Systems from the previous month. 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 neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types. MLS Systems are co-operative marketing systems used only by Canada s real estate Boards to ensure maximum exposure of properties listed for sale. The Canadian Real Estate Association (CREA) is one of Canada s largest single-industry trade associations. CREA works on behalf of more than 125,000 REALTORS who contribute to the economic and social well-being of communities across Canada. Together they advocate for property owners, buyers and sellers. Further information can be found at http://crea.ca/statistics. For more information, please contact: Pierre Leduc, Media Relations The Canadian Real Estate Association Tel.: 613-237-7111 or 613-884-1460 E-mail: pleduc@crea.ca The trademarks MLS, Multiple Listing Service and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. 5

National Charts Chart 1 Chart 2 Chart 3 Chart 4 Chart 5 Chart 6 The trademarks MLS, Multiple Listing Service and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. 6

MLS Home Price Index The trademarks MLS, Multiple Listing Service and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. 7

Dollar Volume over MLS Systems of Select Canadian Real Estate Boards & Associations Dollar Volume* Fraser Valley 911.8 963.1-5.3 836.0 1,277.0-34.5 874.4 905.8-3.5 808.8 1,212.3-33.3 Greater Vancouver 2,108.2 2,124.7-0.8 2,116.0 3,419.9-38.1 2,052.4 2,054.3-0.1 2,061.3 3,303.0-37.6 Victoria 418.4 436.6-4.1 404.6 424.5-4.7 399.3 417.0-4.2 389.1 416.4-6.6 Calgary 854.8 866.1-1.3 818.8 908.5-9.9 775.1 794.6-2.4 753.0 850.4-11.5 Edmonton 545.5 605.8-10.0 539.7 622.3-13.3 518.9 577.6-10.1 512.8 597.7-14.2 Regina 77.6 74.3 4.5 76.1 82.2-7.4 74.6 73.8 1.0 74.4 74.9-0.7 Saskatoon 128.0 128.3-0.2 132.4 127.9 3.5 117.2 117.2 0.0 121.2 123.1-1.6 Winnipeg 320.4 312.2 2.6 329.8 293.0 12.6 310.3 299.1 3.8 313.6 282.2 11.1 Hamilton-Burlington 579.6 680.2-14.8 599.1 662.9-9.6 555.2 653.5-15.0 581.6 629.0-7.5 Kitchener-Waterloo 267.9 280.6-4.5 268.0 252.1 6.3 237.4 254.7-6.8 242.0 234.3 3.3 London and St Thomas 382.0 352.9 8.2 381.9 279.3 36.7 346.6 327.7 5.8 343.3 261.6 31.2 Niagara Region 207.9 226.6-8.2 204.3 215.1-5.0 193.9 201.4-3.7 190.7 186.2 2.4 Ottawa 642.8 669.1-3.9 593.7 522.9 13.5 623.4 621.4 0.3 573.4 496.5 15.5 Sudbury 60.8 62.7-3.1 68.5 70.2-2.4 53.6 53.8-0.3 58.9 61.7-4.6 Thunder Bay 45.9 48.9-6.1 49.4 56.5-12.5 43.4 45.1-3.7 46.3 55.0-15.7 Greater Toronto 5,587.9 5,581.2 0.1 6,048.6 5,552.8 8.9 5,599.2 5,589.2 0.2 6,048.6 5,552.8 8.9 Windsor-Essex 209.9 198.6 5.7 212.7 156.0 36.4 186.1 178.9 4.0 183.9 143.5 28.2 Trois Rivières CMA 17.6 21.4-17.8 15.8 14.8 6.8 15.2 18.7-18.8 13.7 13.9-1.5 Montreal CMA 1,626.3 1,647.6-1.3 1,588.0 1,366.2 16.2 1,523.2 1,556.7-2.2 1,479.0 1,292.4 14.4 Gatineau CMA 114.3 106.3 7.5 108.7 81.0 34.1 108.7 103.1 5.4 103.5 77.1 34.3 Quebec CMA 181.5 177.9 2.0 171.8 152.1 12.9 167.5 165.4 1.3 159.4 139.9 13.9 Saguenay CMA 21.2 15.7 35.1 18.0 11.6 55.7 19.6 16.8 16.9 16.6 11.1 49.2 Sherbrooke CMA 42.8 48.0-10.8 41.2 35.2 17.2 38.8 42.1-7.8 36.8 30.8 19.6 Saint John 32.6 36.5-10.6 35.2 31.1 13.2 30.9 35.3-12.3 33.2 30.2 10.0 Halifax-Dartmouth 133.5 165.1-19.1 126.1 128.9-2.2 132.4 159.1-16.8 123.4 127.0-2.8 Newfoundland & Labrador 72.6 77.3-6.1 94.0 110.1-14.6 72.2 74.9-3.7 92.6 106.9-13.4 Canada 20,050.2 20,469.3-2.0 20,481.5 21,604.8-5.2 19,126.8 19,463.3-1.7 19,529.2 20,601.9-5.2 * in millions of dollars Detailed data for the Toronto Real Estate Board (TREB) market area can be found at http://www.torontorealestateboard.com/market_news/market_watch/index.htm 1 Total = + Non-residential Note: Due to s in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2000 are not directly comparable with earlier years.

Sales Activity over MLS Systems of Select Canadian Real Estate Boards & Associations Sales Activity Fraser Valley 1,241 1,290-3.8 1,155 1,799-35.8 1,180 1,218-3.1 1,103 1,735-36.4 Greater Vancouver 2,096 2,061 1.7 2,062 3,158-34.7 2,052 2,012 2.0 1,995 3,073-35.1 Victoria 620 614 1.0 598 664-9.9 575 583-1.4 556 635-12.4 Calgary 1,830 1,836-0.3 1,768 1,943-9.0 1,673 1,714-2.4 1,676 1,845-9.2 Edmonton 1,469 1,605-8.5 1,462 1,635-10.6 1,406 1,531-8.2 1,399 1,575-11.2 Regina 257 254 1.2 262 271-3.3 249 242 2.9 255 255 0.0 Saskatoon 373 386-3.4 393 404-2.7 348 363-4.1 367 383-4.2 Winnipeg 1,075 1,048 2.6 1,107 1,023 8.2 1,012 985 2.7 1,032 957 7.8 Hamilton-Burlington 997 1,190-16.2 1,060 1,222-13.3 968 1,164-16.8 1,035 1,191-13.1 Kitchener-Waterloo 515 524-1.7 527 555-5.0 494 502-1.6 496 524-5.3 London and St Thomas 948 896 5.8 959 849 13.0 895 847 5.7 904 805 12.3 Niagara Region 494 544-9.2 488 529-7.8 465 502-7.4 451 480-6.0 Ottawa 1,557 1,574-1.1 1,468 1,334 10.0 1,480 1,491-0.7 1,402 1,260 11.3 Sudbury 241 235 2.6 281 283-0.7 198 193 2.6 236 242-2.5 Thunder Bay 203 216-6.0 229 238-3.8 184 192-4.2 205 221-7.2 Greater Toronto 6,937 6,972-0.5 7,492 7,118 5.3 6,926 7,000-1.1 7,492 7,118 5.3 Windsor-Essex 630 639-1.4 647 619 4.5 591 593-0.3 602 573 5.1 Trois Rivières CMA 103 106-2.8 97 101-4.0 93 106-12.3 85 96-11.5 Montreal CMA 4,096 4,202-2.5 3,884 3,486 11.4 3,958 4,075-2.9 3,731 3,352 11.3 Gatineau CMA 434 399 8.8 418 335 24.8 414 384 7.8 390 303 28.7 Quebec CMA 639 624 2.4 595 535 11.2 609 596 2.2 567 500 13.4 Saguenay CMA 110 97 13.4 93 69 34.8 104 91 14.3 84 65 29.2 Sherbrooke CMA 187 173 8.1 176 139 26.6 168 157 7.0 157 125 25.6 Saint John 199 198 0.5 222 208 6.7 180 181-0.6 199 179 11.2 Halifax-Dartmouth 465 546-14.8 450 462-2.6 446 517-13.7 428 443-3.4 Newfoundland & Labrador 303 318-4.7 402 457-12.0 292 295-1.0 387 427-9.4 Canada 41,191 41,774-1.4 41,961 43,543-3.6 38,711 39,333-1.6 39,313 40,839-3.7 Detailed data for the Toronto Real Estate Board (TREB) market area can be found at http://www.torontorealestateboard.com/market_news/market_watch/index.htm 1 Total = + Non-residential Note: Due to s in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2000 are not directly comparable with earlier years.

New Listings over MLS Systems of Select Canadian Real Estate Boards & Associations New Listings Fraser Valley 2,978 3,084-3.4 2,776 2,479 12.0 2,671 2,767-3.5 2,522 2,247 12.2 Greater Vancouver 5,144 5,041 2.0 5,279 4,880 8.2 4,894 4,783 2.3 5,026 4,636 8.4 Victoria 1,034 1,189-13.0 958 979-2.1 921 1,030-10.6 865 897-3.6 Calgary 3,783 4,035-6.2 3,470 3,663-5.3 3,386 3,609-6.2 3,113 3,300-5.7 Edmonton 3,642 3,497 4.1 3,124 3,025 3.3 3,391 3,257 4.1 2,939 2,875 2.2 Regina 676 605 11.7 599 614-2.4 609 545 11.7 538 547-1.6 Saskatoon 958 975-1.7 923 1,063-13.2 849 890-4.6 822 950-13.5 Winnipeg 1,982 2,072-4.3 1,845 1,796 2.7 1,763 1,857-5.1 1,652 1,601 3.2 Hamilton-Burlington 1,763 1,822-3.2 1,864 1,949-4.4 1,633 1,682-2.9 1,721 1,819-5.4 Kitchener-Waterloo 838 914-8.3 822 814 1.0 785 845-7.1 749 725 3.3 London and St Thomas 1,332 1,315 1.3 1,277 934 36.7 1,213 1,197 1.3 1,166 841 38.6 Niagara Region 1,061 921 15.2 1,079 860 25.5 925 811 14.1 954 767 24.4 Ottawa 2,344 2,400-2.3 1,985 2,067-4.0 2,116 2,192-3.5 1,779 1,853-4.0 Sudbury 433 474-8.6 383 409-6.4 321 338-5.0 271 293-7.5 Thunder Bay 294 296-0.7 275 300-8.3 253 250 1.2 227 258-12.0 Greater Toronto 13,400 13,818-3.0 14,431 14,903-3.2 13,388 13,817-3.1 14,431 14,903-3.2 Windsor-Essex 934 1,003-6.9 950 866 9.7 806 875-7.9 801 741 8.1 Trois Rivières CMA 211 187 12.8 229 183 25.1 182 164 11.0 194 152 27.6 Montreal CMA 6,017 5,927 1.5 6,337 6,481-2.2 5,607 5,545 1.1 5,862 5,981-2.0 Gatineau CMA 741 721 2.8 703 660 6.5 647 642 0.8 611 597 2.3 Quebec CMA 1,333 1,323 0.8 1,483 1,284 15.5 1,230 1,196 2.8 1,362 1,152 18.2 Saguenay CMA 220 240-8.3 188 181 3.9 196 224-12.5 171 169 1.2 Sherbrooke CMA 304 286 6.3 324 312 3.8 249 251-0.8 266 261 1.9 Saint John 420 412 1.9 367 407-9.8 321 326-1.5 283 311-9.0 Halifax-Dartmouth 884 849 4.1 802 764 5.0 748 773-3.2 659 705-6.5 Newfoundland & Labrador 1,088 1,248-12.8 1,096 1,016 7.9 910 1,001-9.1 903 853 5.9 Canada 79,778 80,834-1.3 77,084 75,803 1.7 71,437 72,247-1.1 69,276 68,107 1.7 Detailed data for the Toronto Real Estate Board (TREB) market area can be found at http://www.torontorealestateboard.com/market_news/market_watch/index.htm 1 Total = + Non-residential Note: Due to s in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2000 are not directly comparable with earlier years.

Average Sale Price over MLS Systems of Select Canadian Real Estate Boards & Associations Average Price* Fraser Valley 751,385 746,346 0.7 723,825 709,844 2.0 763,224 754,263 1.2 733,312 698,721 5.0 Greater Vancouver 1,041,337 1,060,929-1.8 1,026,205 1,082,929-5.2 1,050,695 1,068,381-1.7 1,033,240 1,074,834-3.9 Victoria 674,140 700,730-3.8 676,633 639,284 5.8 695,864 714,364-2.6 699,752 655,747 6.7 Calgary 467,657 467,126 0.1 463,121 467,598-1.0 453,406 453,714-0.1 449,274 460,941-2.5 Edmonton 375,373 380,386-1.3 369,162 380,582-3.0 371,595 375,267-1.0 366,531 379,497-3.4 Regina 302,925 295,229 2.6 290,618 303,437-4.2 300,781 303,457-0.9 291,600 293,691-0.7 Saskatoon 340,834 325,598 4.7 336,964 316,618 6.4 331,162 317,928 4.2 330,159 321,404 2.7 Winnipeg 301,007 292,050 3.1 297,928 286,427 4.0 306,157 303,061 1.0 303,860 294,843 3.1 Hamilton-Burlington 579,588 575,320 0.7 565,155 542,459 4.2 566,207 560,991 0.9 561,898 528,142 6.4 Kitchener-Waterloo 508,615 525,393-3.2 508,615 454,287 12.0 487,988 493,214-1.1 487,988 447,197 9.1 London and St Thomas 403,121 394,536 2.2 398,241 328,953 21.1 386,465 387,857-0.4 379,783 325,013 16.9 Niagara Region 418,087 413,125 1.2 418,589 406,660 2.9 417,876 395,464 5.7 422,770 387,839 9.0 Ottawa 412,341 421,072-2.1 404,410 392,003 3.2 414,388 420,117-1.4 408,990 394,048 3.8 Sudbury 249,699 280,735-11.1 243,739 248,014-1.7 263,595 280,236-5.9 249,368 255,012-2.2 Thunder Bay 218,295 225,400-3.2 215,795 237,304-9.1 228,653 232,871-1.8 225,945 248,716-9.2 Greater Toronto 810,931 802,977 1.0 807,340 780,104 3.5 810,881 802,976 1.0 807,340 780,104 3.5 Windsor-Essex 321,641 314,472 2.3 328,801 252,016 30.5 309,638 302,200 2.5 305,552 250,406 22.0 Trois Rivières CMA 163,360 170,058-3.9 n/a n/a - 162,831 162,203 0.4 162,831 145,095 12.2 Montreal CMA 397,740 397,527 0.1 n/a n/a - 398,532 394,527 1.0 402,463 381,112 5.6 Gatineau CMA 262,686 263,735-0.4 n/a n/a - 264,091 262,611 0.6 266,704 256,500 4.0 Quebec CMA 284,310 277,782 2.4 n/a n/a - 278,462 273,948 1.6 280,787 280,962-0.1 Saguenay CMA 194,680 182,884 6.5 n/a n/a - 196,344 191,155 2.7 198,876 171,212 16.2 Sherbrooke CMA 235,159 288,568-18.5 n/a n/a - 235,949 272,275-13.3 235,979 250,746-5.9 Saint John 158,388 184,555-14.2 158,388 149,335 6.1 166,766 195,974-14.9 166,766 168,570-1.1 Halifax-Dartmouth 291,145 292,815-0.6 280,311 279,105 0.4 297,872 301,321-1.1 288,293 286,634 0.6 Newfoundland & Labrador 241,522 250,378-3.5 233,953 240,842-2.9 245,328 254,866-3.7 239,373 250,462-4.4 Canada 491,245 493,352-0.4 488,107 496,172-1.6 498,515 499,372-0.2 496,763 504,465-1.5 * Weighted residential average prices for Quebec (provided by Québec Federation of Real Estate Boards); does not affect weighted and unweighted national average price calculations. Information on Quebec's weighted average price calculation can be found at: http://www.fciq.ca/pdf/carrefour/definitions/en/prix_moyen_pondere_a.pdf Detailed data for the Toronto Real Estate Board (TREB) market area can be found at http://www.torontorealestateboard.com/market_news/market_watch/index.htm 1 Total = + Non-residential Note: Due to s in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2000 are not directly comparable with earlier years.

Sales as a Percentage of New Listings over MLS Systems of Select Canadian Real Estate Boards & Associations Sales as a Percentage of New Listings* Fraser Valley 41.7 41.8-0.1 51.8 68.0-16.2 44.2 44.0 0.2 53.8 71.3-17.5 Greater Vancouver 40.7 40.9 0.2 47.4 63.9 16.5 41.9 42.1 0.2 48.4 65.6 17.2 Victoria 60.0 51.6 8.4 60.0 72.2-12.2 62.4 56.6 5.8 63.1 74.7-11.6 Calgary 48.4 45.5 2.9 45.2 51.8 6.6 49.4 47.5 1.9 47.4 54.1 6.7 Edmonton 40.3 45.9-5.6 44.3 48.0-3.7 41.5 47.0-5.5 45.3 48.9-3.6 Regina 38.0 42.0 4.0 39.6 41.0 1.4 40.9 44.4 3.5 42.3 43.6 1.3 Saskatoon 38.9 39.6-0.7 38.2 34.2 4.0 41.0 40.8 0.2 40.1 36.1 4.0 Winnipeg 54.2 50.6 3.6 54.3 57.8 3.5 57.4 53.0 4.4 57.2 61.1 3.9 Hamilton-Burlington 56.6 65.3-8.7 59.7 67.0-7.3 59.3 69.2-9.9 62.4 69.4-7.0 Kitchener-Waterloo 61.5 57.3 4.2 65.1 72.2 7.1 62.9 59.4 3.5 67.7 75.4 7.7 London and St Thomas 71.2 68.1 3.1 72.1 75.5-3.4 73.8 70.8 3.0 75.7 79.4-3.7 Niagara Region 46.6 59.1 12.5 57.0 69.5 12.5 50.3 61.9 11.6 59.9 72.9 13.0 Ottawa 66.4 65.6 0.8 65.1 59.8 5.3 69.9 68.0 1.9 69.4 63.0 6.4 Sudbury 55.7 49.6 6.1 54.0 48.6 5.4 61.7 57.1 4.6 62.4 55.4 7.0 Thunder Bay 69.0 73.0-4.0 65.6 63.4 2.2 72.7 76.8-4.1 70.4 68.7 1.7 Greater Toronto 51.8 50.5 1.3 49.4 54.7 5.3 51.7 50.7 1.0 49.4 54.7 5.3 Windsor-Essex 67.5 63.7 3.8 70.8 74.5-3.7 73.3 67.8 5.5 75.8 79.0-3.2 Trois Rivières CMA 48.8 56.7 7.9 57.0 54.9 2.1 51.1 64.6 13.5 61.0 58.1 2.9 Montreal CMA 68.1 70.9-2.8 66.2 59.2 7.0 70.6 73.5-2.9 68.7 61.2 7.5 Gatineau CMA 58.6 55.3 3.3 53.7 47.5 6.2 64.0 59.8 4.2 57.3 50.8 6.5 Quebec CMA 47.9 47.2 0.7 49.1 49.7-0.6 49.5 49.8-0.3 51.3 51.9-0.6 Saguenay CMA 50.0 40.4 9.6 43.7 42.3 1.4 53.1 40.6 12.5 46.2 44.2 2.0 Sherbrooke CMA 61.5 60.5 1.0 55.9 52.0 3.9 67.5 62.5 5.0 59.5 55.9 3.6 Saint John 47.4 48.1-0.7 46.3 41.2 5.1 56.1 55.5 0.6 53.1 48.4 4.7 Halifax-Dartmouth 52.6 64.3-11.7 59.3 52.2 7.1 59.6 66.9-7.3 64.7 56.8 7.9 Newfoundland & Labrador 27.8 25.5 2.3 29.6 31.5-1.9 32.1 29.5 2.6 33.6 36.1-2.5 Canada 51.6 51.7-0.1 52.8 56.4-3.6 54.2 54.4-0.2 55.3 59.1-3.8 *Actual (not seasonally adjusted) data for sales-to-new listings ratios are based on a 12-month moving average Detailed data for the Toronto Real Estate Board (TREB) market area can be found at http://www.torontorealestateboard.com/market_news/market_watch/index.htm 1 Total = + Non-residential Note: Due to s in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2000 are not directly comparable with earlier years.

Dollar Volume over MLS Systems of Select Canadian Real Estate Boards & Associations Year to date Dollar Volume* Fraser Valley 9,967.1 12,689.3-21.5 10,474.8 13,555.0-22.7 9,460.9 12,076.7-21.7 9,848.0 12,934.7-23.9 Greater Vancouver 22,851.5 31,929.6-28.4 24,078.9 33,468.6-28.1 22,535.8 31,157.9-27.7 23,426.0 32,681.4-28.3 Victoria 4,164.0 4,673.1-10.9 4,414.0 4,983.7-11.4 3,984.7 4,500.6-11.5 4,184.1 4,818.2-13.2 Calgary 8,731.0 10,014.8-12.8 9,192.6 10,572.3-13.0 7,998.4 9,269.8-13.7 8,403.8 9,780.4-14.1 Edmonton 6,007.1 6,226.6-3.5 6,400.7 6,737.1-5.0 5,785.0 6,055.7-4.5 6,169.2 6,539.2-5.7 Regina 830.7 909.5-8.7 867.8 963.2-9.9 772.6 858.5-10.0 817.3 912.9-10.5 Saskatoon 1,275.5 1,306.5-2.4 1,343.0 1,386.9-3.2 1,191.5 1,235.3-3.5 1,254.6 1,316.7-4.7 Winnipeg 3,142.1 3,265.7-3.8 3,348.0 3,493.2-4.2 3,011.5 3,143.0-4.2 3,230.3 3,367.7-4.1 Hamilton-Burlington 5,512.8 7,087.7-22.2 6,022.0 7,552.2-20.3 5,217.3 6,649.6-21.5 5,782.4 7,212.4-19.8 Kitchener-Waterloo 2,562.2 2,996.4-14.5 2,710.7 3,161.3-14.3 2,321.5 2,761.0-15.9 2,483.1 2,921.9-15.0 London and St Thomas 3,164.6 3,373.4-6.2 3,418.9 3,573.3-4.3 2,923.6 3,147.2-7.1 3,161.5 3,339.6-5.3 Niagara Region 2,150.0 2,699.2-20.3 2,198.3 2,635.0-16.6 1,950.4 2,371.6-17.8 1,992.9 2,314.5-13.9 Ottawa 6,200.1 5,723.3 8.3 6,744.4 6,314.2 6.8 5,935.9 5,476.0 8.4 6,507.1 6,051.5 7.5 Sudbury 590.8 585.8 0.9 635.1 624.7 1.7 530.5 534.8-0.8 569.6 569.8 0.0 Thunder Bay 463.7 465.0-0.3 489.3 494.4-1.0 438.3 446.9-1.9 461.1 475.5-3.0 Greater Toronto 50,531.9 63,154.0-20.0 53,582.7 67,509.6-20.6 50,452.1 63,137.6-20.1 53,582.7 67,509.6-20.6 Windsor-Essex 1,742.1 1,675.1 4.0 1,882.1 1,866.1 0.9 1,574.5 1,517.4 3.8 1,707.2 1,687.1 1.2 Trois Rivières CMA 168.1 169.5-0.8 173.1 175.6-1.5 146.5 145.6 0.6 153.8 153.8 0.0 Montreal CMA 15,468.6 14,090.1 9.8 16,002.2 14,563.1 9.9 14,576.8 13,296.6 9.6 15,130.6 13,790.4 9.7 Gatineau CMA 1,019.1 916.7 11.2 1,087.2 975.9 11.4 971.9 881.1 10.3 1,037.0 939.7 10.4 Quebec CMA 1,718.9 1,673.6 2.7 1,772.9 1,731.0 2.4 1,600.3 1,515.2 5.6 1,656.1 1,566.4 5.7 Saguenay CMA 189.5 168.4 12.5 202.7 179.5 12.9 177.8 160.5 10.8 191.6 172.0 11.4 Sherbrooke CMA 432.0 388.5 11.2 444.0 401.4 10.6 378.0 346.9 9.0 391.6 359.0 9.1 Saint John 333.4 326.1 2.2 352.3 342.5 2.8 308.6 301.6 2.3 334.7 326.4 2.5 Halifax-Dartmouth 1,510.9 1,373.2 10.0 1,627.2 1,465.4 11.0 1,474.3 1,348.1 9.4 1,584.7 1,438.7 10.1 Newfoundland & Labrador 801.7 859.8-6.8 828.9 873.6-5.1 776.2 819.6-5.3 800.1 835.2-4.2 Canada 195,535.0 226,485.3-13.7 207,004.4 240,402.2-13.9 186,583.0 216,633.8-13.9 197,367.3 230,396.7-14.3 * in millions of dollars Detailed data for the Toronto Real Estate Board (TREB) market area can be found at http://www.torontorealestateboard.com/market_news/market_watch/index.htm 1 Total = + Non-residential Note: Due to s in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2000 are not directly comparable with earlier years.

Sales Activity over MLS Systems of Select Canadian Real Estate Boards & Associations Year to date Sales Activity Fraser Valley 13,237 18,257-27.5 13,812 19,327-28.5 12,536 17,462-28.2 13,121 18,525-29.2 Greater Vancouver 22,146 31,024-28.6 22,998 32,426-29.1 21,431 30,336-29.4 22,324 31,704-29.6 Victoria 5,937 7,348-19.2 6,277 7,811-19.6 5,619 6,941-19.0 5,969 7,407-19.4 Calgary 18,199 20,651-11.9 19,164 21,970-12.8 17,236 19,685-12.4 18,091 20,827-13.1 Edmonton 15,961 16,376-2.5 16,971 17,676-4.0 15,413 15,803-2.5 16,414 17,110-4.1 Regina 2,654 2,860-7.2 2,796 2,999-6.8 2,542 2,716-6.4 2,687 2,874-6.5 Saskatoon 3,854 3,883-0.7 4,074 4,099-0.6 3,624 3,662-1.0 3,843 3,901-1.5 Winnipeg 10,621 11,240-5.5 11,319 12,012-5.8 10,005 10,616-5.8 10,677 11,363-6.0 Hamilton-Burlington 9,879 12,339-19.9 10,575 12,966-18.4 9,477 11,759-19.4 10,286 12,538-18.0 Kitchener-Waterloo 5,170 6,340-18.5 5,398 6,663-19.0 4,873 5,987-18.6 5,140 6,314-18.6 London and St Thomas 8,506 10,072-15.5 9,025 10,592-14.8 8,018 9,616-16.6 8,582 10,126-15.2 Niagara Region 5,340 6,737-20.7 5,352 6,545-18.2 4,877 6,103-20.1 4,926 5,937-17.0 Ottawa 15,229 14,617 4.2 16,476 15,916 3.5 14,489 14,003 3.5 15,865 15,290 3.8 Sudbury 2,404 2,309 4.1 2,524 2,470 2.2 2,028 2,054-1.3 2,150 2,183-1.5 Thunder Bay 2,073 2,024 2.4 2,156 2,133 1.1 1,887 1,885 0.1 1,962 1,981-1.0 Greater Toronto 64,897 76,210-14.8 67,877 80,854-16.0 64,723 76,202-15.1 67,877 80,854-16.0 Windsor-Essex 5,889 6,514-9.6 6,250 7,102-12.0 5,400 5,994-9.9 5,790 6,528-11.3 Trois Rivières CMA 990 1,003-1.3 1,025 1,043-1.7 915 932-1.8 953 972-2.0 Montreal CMA 40,019 38,025 5.2 41,702 39,493 5.6 38,709 36,724 5.4 40,345 38,219 5.6 Gatineau CMA 3,928 3,652 7.6 4,181 3,875 7.9 3,722 3,459 7.6 3,962 3,676 7.8 Quebec CMA 6,181 6,053 2.1 6,383 6,238 2.3 5,872 5,738 2.3 6,082 5,913 2.9 Saguenay CMA 1,017 916 11.0 1,081 977 10.6 969 868 11.6 1,021 932 9.5 Sherbrooke CMA 1,708 1,599 6.8 1,780 1,667 6.8 1,530 1,446 5.8 1,599 1,504 6.3 Saint John 1,872 1,967-4.8 2,022 2,069-2.3 1,650 1,715-3.8 1,797 1,840-2.3 Halifax-Dartmouth 5,113 4,837 5.7 5,472 5,079 7.7 4,888 4,611 6.0 5,235 4,859 7.7 Newfoundland & Labrador 3,325 3,479-4.4 3,398 3,526-3.6 3,120 3,248-3.9 3,195 3,305-3.3 Canada 407,126 452,481-10.0 427,705 477,655-10.5 382,172 426,031-10.3 403,084 450,739-10.6 Detailed data for the Toronto Real Estate Board (TREB) market area can be found at http://www.torontorealestateboard.com/market_news/market_watch/index.htm 1 Total = + Non-residential Note: Due to s in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2000 are not directly comparable with earlier years.

New Listings over MLS Systems of Select Canadian Real Estate Boards & Associations Year to date New Listings Fraser Valley 26,602 26,218 1.5 29,002 29,051-0.2 23,984 23,833 0.6 26,559 26,667-0.4 Greater Vancouver 48,225 47,369 1.8 52,570 52,248 0.6 45,681 44,905 1.7 50,078 49,884 0.4 Victoria 10,129 10,109 0.2 11,057 11,119-0.6 9,038 9,179-1.5 9,999 10,199-2.0 Calgary 41,618 40,533 2.7 44,841 43,654 2.7 37,254 36,721 1.5 40,307 39,627 1.7 Edmonton 36,775 34,647 6.1 39,913 37,730 5.8 34,806 32,924 5.7 37,849 35,866 5.5 Regina 6,783 7,059-3.9 7,341 7,525-2.4 6,109 6,254-2.3 6,580 6,757-2.6 Saskatoon 10,206 11,388-10.4 10,929 12,081-9.5 9,113 10,179-10.5 9,806 10,903-10.1 Winnipeg 19,624 19,336 1.5 21,547 21,266 1.3 17,541 17,290 1.5 19,281 19,039 1.3 Hamilton-Burlington 16,617 18,776-11.5 18,531 20,311-8.8 15,390 17,494-12.0 17,241 18,991-9.2 Kitchener-Waterloo 8,020 8,896-9.8 8,566 9,639-11.1 7,249 7,975-9.1 7,844 8,749-10.3 London and St Thomas 11,779 13,342-11.7 12,837 14,367-10.6 10,599 12,109-12.5 11,638 13,110-11.2 Niagara Region 9,421 9,879-4.6 9,807 9,770 0.4 8,206 8,542-3.9 8,594 8,498 1.1 Ottawa 23,971 24,883-3.7 26,036 27,171-4.2 21,401 22,449-4.7 23,488 24,709-4.9 Sudbury 4,487 4,852-7.5 4,810 5,188-7.3 3,283 3,719-11.7 3,546 3,986-11.0 Thunder Bay 3,122 3,230-3.3 3,375 3,512-3.9 2,628 2,748-4.4 2,856 3,013-5.2 Greater Toronto 130,520 142,130-8.2 141,573 158,370-10.6 129,749 141,768-8.5 141,573 158,370-10.6 Windsor-Essex 8,600 9,554-10.0 9,040 9,752-7.3 7,266 7,978-8.9 7,827 8,487-7.8 Trois Rivières CMA 1,762 1,820-3.2 1,844 1,879-1.9 1,532 1,586-3.4 1,601 1,643-2.6 Montreal CMA 60,690 64,120-5.3 63,560 66,957-5.1 56,774 59,825-5.1 59,304 62,638-5.3 Gatineau CMA 7,408 7,691-3.7 7,940 8,197-3.1 6,554 6,829-4.0 7,067 7,269-2.8 Quebec CMA 12,647 12,196 3.7 13,164 12,672 3.9 11,455 11,032 3.8 11,986 11,502 4.2 Saguenay CMA 2,257 2,175 3.8 2,421 2,356 2.8 2,034 1,999 1.8 2,187 2,137 2.3 Sherbrooke CMA 3,054 3,036 0.6 3,131 3,133-0.1 2,574 2,589-0.6 2,639 2,665-1.0 Saint John 4,169 4,694-11.2 4,516 5,104-11.5 3,189 3,463-7.9 3,515 3,866-9.1 Halifax-Dartmouth 8,694 9,147-5.0 9,553 9,905-3.6 7,709 8,026-3.9 8,370 8,729-4.1 Newfoundland & Labrador 11,672 11,015 6.0 12,593 11,895 5.9 9,527 8,997 5.9 10,301 9,751 5.6 Canada 779,026 806,206-3.4 841,494 873,138-3.6 696,254 722,443-3.6 756,132 787,200-3.9 Detailed data for the Toronto Real Estate Board (TREB) market area can be found at http://www.torontorealestateboard.com/market_news/market_watch/index.htm 1 Total = + Non-residential Note: Due to s in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2000 are not directly comparable with earlier years.

Average Sale Price over MLS Systems of Select Canadian Real Estate Boards & Associations Year to date Average Price* Fraser Valley 749,790 691,142 8.5 758,383 701,351 8.1 744,233 689,262 8.0 750,554 698,232 7.5 Greater Vancouver 1,038,631 1,018,967 1.9 1,046,998 1,032,153 1.4 1,039,984 1,016,555 2.3 1,049,363 1,030,830 1.8 Victoria 700,340 631,067 11.0 703,200 638,042 10.2 699,193 644,734 8.4 700,977 650,492 7.8 Calgary 477,522 478,159-0.1 479,681 481,215-0.3 462,667 466,236-0.8 464,529 469,602-1.1 Edmonton 374,607 378,743-1.1 377,153 381,145-1.0 373,020 378,853-1.5 375,850 382,187-1.7 Regina 310,728 315,638-1.6 310,389 321,185-3.4 302,255 314,359-3.9 304,170 317,653-4.2 Saskatoon 328,806 335,983-2.1 329,657 338,340-2.6 326,511 336,703-3.0 326,451 337,528-3.3 Winnipeg 292,186 287,774 1.5 295,787 290,812 1.7 299,584 293,052 2.2 302,543 296,372 2.1 Hamilton-Burlington 563,515 571,114-1.3 569,457 582,465-2.2 552,391 561,216-1.6 562,162 575,241-2.3 Kitchener-Waterloo 502,232 470,503 6.7 502,177 474,454 5.8 481,829 458,277 5.1 483,092 462,766 4.4 London and St Thomas 376,605 334,616 12.5 378,830 337,354 12.3 364,608 325,542 12.0 368,384 329,809 11.7 Niagara Region 408,837 399,136 2.4 410,751 402,597 2.0 402,335 387,524 3.8 404,573 389,847 3.8 Ottawa 406,453 392,162 3.6 409,348 396,720 3.2 406,231 390,764 4.0 410,157 395,779 3.6 Sudbury 248,416 252,117-1.5 251,609 252,935-0.5 260,609 258,647 0.8 264,916 261,020 1.5 Thunder Bay 223,113 227,065-1.7 226,948 231,775-2.1 231,583 234,550-1.3 235,030 240,034-2.1 Greater Toronto 781,426 817,170-4.4 789,409 834,956-5.5 781,769 816,695-4.3 789,409 834,956-5.5 Windsor-Essex 298,369 258,948 15.2 301,133 262,760 14.6 290,663 252,923 14.9 294,854 258,448 14.1 Trois Rivières CMA 168,085 168,833-0.4 n/a n/a - 161,753 159,661 1.3 162,104 159,223 1.8 Montreal CMA 388,219 372,260 4.3 n/a n/a - 384,838 363,731 5.8 382,948 362,308 5.7 Gatineau CMA 257,691 249,672 3.2 n/a n/a - 260,186 253,993 2.4 263,207 256,486 2.6 Quebec CMA 278,882 279,454-0.2 n/a n/a - 272,581 266,182 2.4 272,617 265,436 2.7 Saguenay CMA 185,103 179,718 3.0 n/a n/a - 185,114 181,971 1.7 188,260 185,391 1.5 Sherbrooke CMA 251,898 242,865 3.7 n/a n/a - 245,623 240,986 1.9 244,699 238,541 2.6 Saint John 175,296 163,483 7.2 174,221 165,553 5.2 185,590 174,935 6.1 186,250 177,386 5.0 Halifax-Dartmouth 295,496 283,700 4.2 297,375 288,525 3.1 300,559 291,762 3.0 302,706 296,080 2.2 Newfoundland & Labrador 242,882 246,658-1.5 243,930 247,747-1.5 248,807 251,998-1.3 250,437 252,722-0.9 Canada 482,148 497,578-3.1 483,989 503,297-3.8 487,229 504,938-3.5 489,643 511,153-4.2 * Weighted residential average prices for Quebec (provided by Québec Federation of Real Estate Boards); does not affect weighted and unweighted national average price calculations. Information on Quebec's weighted average price calculation can be found at: http://www.fciq.ca/pdf/carrefour/definitions/en/prix_moyen_pondere_a.pdf Detailed data for the Toronto Real Estate Board (TREB) market area can be found at http://www.torontorealestateboard.com/market_news/market_watch/index.htm 1 Total = + Non-residential Note: Due to s in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2000 are not directly comparable with earlier years.

Sales as a Percentage of New Listings over MLS Systems of Select Canadian Real Estate Boards & Associations Year to date Sales as a Percentage of New Listings Fraser Valley 49.8 69.6-19.8 47.6 66.5-18.9 52.3 73.3-21.0 49.4 69.5-20.1 Greater Vancouver 45.9 65.5-19.6 43.7 62.1-18.4 46.9 67.6-20.7 44.6 63.6-19.0 Victoria 58.6 72.7-14.1 56.8 70.2-13.4 62.2 75.6-13.4 59.7 72.6-12.9 Calgary 43.7 50.9-7.2 42.7 50.3-7.6 46.3 53.6-7.3 44.9 52.6-7.7 Edmonton 43.4 47.3-3.9 42.5 46.8-4.3 44.3 48.0-3.7 43.4 47.7-4.3 Regina 39.1 40.5-1.4 38.1 39.9-1.8 41.6 43.4-1.8 40.8 42.5-1.7 Saskatoon 37.8 34.1 3.7 37.3 33.9 3.4 39.8 36.0 3.8 39.2 35.8 3.4 Winnipeg 54.1 58.1-4.0 52.5 56.5-4.0 57.0 61.4-4.4 55.4 59.7-4.3 Hamilton-Burlington 59.5 65.7-6.2 57.1 63.8-6.7 61.6 67.2-5.6 59.7 66.0-6.3 Kitchener-Waterloo 64.5 71.3-6.8 63.0 69.1-6.1 67.2 75.1-7.9 65.5 72.2-6.7 London and St Thomas 72.2 75.5-3.3 70.3 73.7-3.4 75.6 79.4-3.8 73.7 77.2-3.5 Niagara Region 56.7 68.2-11.5 54.6 67.0-12.4 59.4 71.4-12.0 57.3 69.9-12.6 Ottawa 63.5 58.7 4.8 63.3 58.6 4.7 67.7 62.4 5.3 67.5 61.9 5.6 Sudbury 53.6 47.6 6.0 52.5 47.6 4.9 61.8 55.2 6.6 60.6 54.8 5.8 Thunder Bay 66.4 62.7 3.7 63.9 60.7 3.2 71.8 68.6 3.2 68.7 65.7 3.0 Greater Toronto 49.7 53.6-3.9 47.9 51.1-3.2 49.9 53.8-3.9 47.9 51.1-3.2 Windsor-Essex 68.5 68.2 0.3 69.1 72.8-3.7 74.3 75.1-0.8 74.0 76.9-2.9 Trois Rivières CMA 56.2 55.1 1.1 55.6 55.5 0.1 59.7 58.8 0.9 59.5 59.2 0.3 Montreal CMA 65.9 59.3 6.6 65.6 59.0 6.6 68.2 61.4 6.8 68.0 61.0 7.0 Gatineau CMA 53.0 47.5 5.5 52.7 47.3 5.4 56.8 50.7 6.1 56.1 50.6 5.5 Quebec CMA 48.9 49.6-0.7 48.5 49.2-0.7 51.3 52.0-0.7 50.7 51.4-0.7 Saguenay CMA 45.1 42.1 3.0 44.7 41.5 3.2 47.6 43.4 4.2 46.7 43.6 3.1 Sherbrooke CMA 55.9 52.7 3.2 56.9 53.2 3.7 59.4 55.9 3.5 60.6 56.4 4.2 Saint John 44.9 41.9 3.0 44.8 40.5 4.3 51.7 49.5 2.2 51.1 47.6 3.5 Halifax-Dartmouth 58.8 52.9 5.9 57.3 51.3 6.0 63.4 57.5 5.9 62.5 55.7 6.8 Newfoundland & Labrador 28.5 31.6-3.1 27.0 29.6-2.6 32.7 36.1-3.4 31.0 33.9-2.9 Canada 52.3 56.1-3.8 50.8 54.7-3.9 54.9 59.0-4.1 53.3 57.3-4.0 Detailed data for the Toronto Real Estate Board (TREB) market area can be found at http://www.torontorealestateboard.com/market_news/market_watch/index.htm 1 Total = + Non-residential Note: Due to s in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2000 are not directly comparable with earlier years.

Dollar Volume & Sales Activity over MLS Systems of Canadian Real Estate Boards & Associations s.a. 2 nsa 3 s.a. 2 nsa 3 Dollar Volume* British Columbia 4,702.3 4,763.0-1.3 4,648.2 6,592.7-29.5 4,456.8 4,483.4-0.6 4,421.8 6,248.9-29.2 Alberta 1,788.6 1,905.4-6.1 1,752.8 1,941.5-9.7 1,626.9 1,735.1-6.2 1,599.9 1,784.7-10.4 Saskatchewan 265.8 260.1 2.2 269.1 274.5-2.0 243.1 241.7 0.6 247.0 250.4-1.4 Manitoba 351.9 350.8 0.3 360.2 320.2 12.5 339.0 334.3 1.4 340.9 304.0 12.1 Ontario 9,999.9 10,213.2-2.1 10,542.1 9,911.5 6.4 9,712.7 9,865.4-1.5 10,216.5 9,613.5 6.3 Quebec 2,466.0 2,465.2 0.0 2,410.8 2,052.6 17.4 2,295.5 2,320.6-1.1 2,230.4 1,916.2 16.4 New Brunswick 129.5 128.2 1.0 129.7 118.3 9.6 123.0 123.4-0.3 122.0 111.3 9.6 Nova Scotia 207.8 245.9-15.5 204.0 205.3-0.7 198.5 232.5-14.6 193.0 196.8-1.9 Prince Edward Island 41.9 43.3-3.1 46.9 47.8-2.0 37.3 35.4 5.4 41.5 40.3 3.0 Newfoundland & Labrador 72.6 77.3-6.1 94.0 110.1-14.6 72.2 74.9-3.7 92.6 106.9-13.4 Northwest Territories 10.2 9.8 4.2 11.1 15.0-26.0 9.9 9.3 5.7 11.1 15.0-26.0 Yukon 13.6 6.9 95.7 12.4 15.2-18.2 12.0 7.2 66.9 12.4 13.8-9.7 Canada 20,050.2 20,469.3-2.0 20,481.5 21,604.8-5.2 19,126.8 19,463.3-1.7 19,529.2 20,601.9-5.2 Sales Activity British Columbia 6,915 6,811 1.5 6,924 9,323-25.7 6,429 6,338 1.4 6,411 8,679-26.1 Alberta 4,528 4,747-4.6 4,472 4,798-6.8 4,194 4,429-5.3 4,203 4,522-7.1 Saskatchewan 904 924-2.2 947 975-2.9 839 859-2.3 877 895-2.0 Manitoba 1,221 1,221 0.0 1,252 1,151 8.8 1,147 1,145 0.2 1,159 1,067 8.6 Ontario 17,337 17,746-2.3 18,227 18,002 1.2 16,551 16,925-2.2 17,362 17,169 1.1 Quebec 7,922 7,942-0.3 7,570 6,735 12.4 7,460 7,503-0.6 7,053 6,268 12.5 New Brunswick 783 746 5.0 830 790 5.1 725 684 6.0 748 691 8.2 Nova Scotia 974 1,074-9.3 993 991 0.2 829 951-12.8 840 870-3.4 Prince Edward Island 251 203 23.6 287 244 17.6 195 162 20.4 216 178 21.3 Newfoundland & Labrador 303 318-4.7 402 457-12.0 292 295-1.0 387 427-9.4 Northwest Territories 21 22-4.5 26 35-25.7 21 22-4.5 26 35-25.7 Yukon 32 20 60.0 31 42-26.2 29 20 45.0 31 38-18.4 Canada 41,191 41,774-1.4 41,961 43,543-3.6 38,711 39,333-1.6 39,313 40,839-3.7 * in millions of dollars 1 Total = + Non-residential Note: Due to s in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2000 are not directly comparable with earlier years.

New Listings and Average Sale Price over MLS Systems of Canadian Real Estate Boards & Associations s.a. 2 nsa 3 s.a. 2 nsa 3 New Listings British Columbia 14,886 14,869 0.1 13,985 12,927 8.2 13,041 13,042 0.0 12,421 11,420 8.8 Alberta 10,556 10,818-2.4 9,340 9,434-1.0 9,439 9,630-2.0 8,379 8,515-1.6 Saskatchewan 2,444 2,419 1.0 2,252 2,492-9.6 2,110 2,087 1.1 1,936 2,102-7.9 Manitoba 2,280 2,396-4.8 2,104 2,107-0.1 2,026 2,133-5.0 1,870 1,871-0.1 Ontario 31,147 31,744-1.9 30,989 30,587 1.3 29,027 29,484-1.5 28,912 28,553 1.3 Quebec 13,475 13,420 0.4 13,955 13,827 0.9 11,943 11,817 1.1 12,325 12,102 1.8 New Brunswick 1,465 1,531-4.3 1,253 1,322-5.2 1,138 1,198-5.0 993 1,046-5.1 Nova Scotia 1,927 1,928-0.1 1,697 1,716-1.1 1,455 1,537-5.3 1,246 1,385-10.0 Prince Edward Island 434 403 7.7 353 315 12.1 276 264 4.5 232 202 14.9 Newfoundland & Labrador 1,088 1,248-12.8 1,096 1,016 7.9 910 1,001-9.1 903 853 5.9 Northwest Territories 23 29-20.7 14 20-30.0 23 29-20.7 14 19-26.3 Yukon 53 29 82.8 46 40 15.0 49 25 96.0 45 39 15.4 Canada 79,778 80,834-1.3 77,084 75,803 1.7 71,437 72,247-1.1 69,276 68,107 1.7 Average Price* British Columbia 692,713 708,105-2.2 671,318 707,139-5.1 712,329 720,010-1.1 689,719 720,005-4.2 Alberta 397,032 400,013-0.7 391,951 404,649-3.1 385,372 387,090-0.4 380,664 394,662-3.5 Saskatchewan 291,078 284,264 2.4 284,142 281,572 0.9 288,241 279,905 3.0 281,660 279,791 0.7 Manitoba 291,785 283,593 2.9 287,736 278,186 3.4 296,199 291,265 1.7 294,112 284,952 3.2 Ontario 570,926 572,450-0.3 578,381 550,579 5.0 580,008 580,029 0.0 588,440 559,936 5.1 Quebec 312,405 312,209 0.1 n/a n/a - 315,373 312,775 0.8 320,156 303,696 5.4 New Brunswick 165,142 170,798-3.3 156,283 149,793 4.3 169,922 179,584-5.4 163,111 161,095 1.3 Nova Scotia 215,643 222,273-3.0 205,450 207,212-0.9 237,834 238,421-0.2 229,770 226,171 1.6 Prince Edward Island 163,328 190,614-14.3 163,328 196,055-16.7 192,014 215,049-10.7 192,014 226,317-15.2 Newfoundland & Labrador 241,522 250,378-3.5 233,953 240,842-2.9 245,328 254,866-3.7 239,373 250,462-4.4 Northwest Territories 427,371 462,578-7.6 427,371 428,913-0.4 427,371 462,578-7.6 427,371 428,913-0.4 Yukon 392,683 319,745 22.8 401,491 362,092 10.9 395,028 322,704 22.4 401,491 362,733 10.7 Canada 491,245 493,352-0.4 488,107 496,172-1.6 498,515 499,372-0.2 496,763 504,465-1.5 * Provincial weighted residential average price for Quebec (provided by Québec Federation of Real Estate Boards); does not affect weighted and unweighted national average price calculations. Information on Quebec's weighted average price calculation can be found at: http://www.fciq.ca/pdf/carrefour/definitions/en/prix_moyen_pondere_a.pdf 1 Total = + Non-residential Note: Due to s in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2000 are not directly comparable with earlier years.

Months of Inventory and Sales as a Percentage of New Listings over MLS Systems of Canadian Real Estate Boards & Associations Sales as a Percentage of New Listings* s.a. 2 nsa 3 s.a. 2 nsa 3 British Columbia 46.5 45.8 0.7 53.2 65.8-12.6 49.3 48.6 0.7 55.5 69.2-13.7 Alberta 42.9 43.9-1.0 43.8 47.1-3.3 44.4 46.0-1.6 45.8 49.0-3.2 Saskatchewan 37.0 38.2-1.2 36.8 35.8 1.0 39.8 41.2-1.4 39.5 38.6 0.9 Manitoba 53.6 51.0 2.6 52.3 55.9-3.6 56.6 53.7 2.9 55.1 59.2-4.1 Ontario 55.7 55.9-0.2 56.2 60.9-4.7 57.0 57.4-0.4 57.7 62.4-4.7 Quebec 58.8 59.2-0.4 57.0 52.5 4.5 62.5 63.5-1.0 60.8 55.7 5.1 New Brunswick 53.4 48.7 4.7 50.1 46.4 3.7 63.7 57.1 6.6 58.6 54.3 4.3 Nova Scotia 50.5 55.7-5.2 53.7 47.4 6.3 57.0 61.9-4.9 60.8 53.7 7.1 Prince Edward Island 57.8 50.4 7.4 58.0 58.0 0.0 70.7 61.4 9.3 68.2 68.7-0.5 Newfoundland & Labrador 27.8 25.5 2.3 29.6 31.5-1.9 32.1 29.5 2.6 33.6 36.1-2.5 Northwest Territories 91.3 75.9 15.4 68.4 71.8-3.4 91.3 75.9 15.4 68.9 72.7-3.8 Yukon 60.4 69.0-8.6 67.1 77.5-10.4 59.2 80.0-20.8 71.9 82.5-10.6 Canada 51.6 51.7-0.1 52.8 56.4-3.6 54.2 54.4-0.2 55.3 59.1-3.8 Months of Inventory* British Columbia 5.0 4.9 0.1 5.5 4.2 1.3 5.4 5.3 0.1 4.3 3.2 1.1 Alberta 7.4 7.0 0.4 8.2 7.1 1.1 7.9 7.5 0.4 7.1 6.2 0.9 Saskatchewan 9.6 9.5 0.1 12.0 11.3 0.7 10.4 10.2 0.2 10.0 9.4 0.6 Manitoba 4.0 4.0 0.0 5.0 4.5 0.5 4.2 4.3-0.1 4.1 3.6 0.5 Ontario 2.6 2.5 0.1 3.3 2.7 0.6 2.7 2.6 0.1 2.7 2.2 0.5 Quebec 7.9 8.0-0.1 10.8 12.2-1.4 8.4 8.4 0.0 9.1 10.5-1.4 New Brunswick 6.6 7.1-0.5 12.1 12.9-0.8 7.2 7.8-0.6 8.2 9.0-0.8 Nova Scotia 6.8 6.0 0.8 11.0 13.3-2.3 7.9 6.8 1.1 7.3 9.1-1.8 Prince Edward Island 3.8 4.6-0.8 11.0 13.0-2.0 4.9 5.8-0.9 5.5 6.9-1.4 Newfoundland & Labrador 17.0 16.2 0.8 20.4 18.1 2.3 17.7 17.5 0.2 15.7 13.5 2.2 Northwest Territories 6.0 5.6 0.4 5.5 5.6-0.1 6.0 5.6 0.4 5.0 5.3-0.3 Yukon 4.3 6.0-1.7 5.7 5.2 0.5 4.8 6.0-1.2 4.2 3.8 0.4 Canada 5.0 4.9 0.1 6.4 5.8 0.6 5.3 5.2 0.1 5.2 4.7 0.5 *Actual (not seasonally adjusted) data for sales to new listings ratios and months of inventory are based on a 12 month moving average 1 Total = + Non-residential Note: Due to s in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2000 are not directly comparable with earlier years.

Dollar Volume & Sales Activity over MLS Systems of Canadian Real Estate Boards & Associations Year to date Dollar Volume* British Columbia 49,805.0 63,171.4-21.2 52,563.7 66,874.2-21.4 47,665.3 60,174.2-20.8 49,717.1 63,821.8-22.1 Alberta 18,798.3 20,023.2-6.1 19,949.0 21,651.5-7.9 17,290.1 18,764.9-7.9 18,334.8 20,059.6-8.6 Saskatchewan 2,750.1 2,918.9-5.8 2,879.5 3,095.4-7.0 2,488.2 2,674.8-7.0 2,624.6 2,854.1-8.0 Manitoba 3,468.7 3,610.6-3.9 3,687.3 3,864.1-4.6 3,304.6 3,447.7-4.2 3,537.3 3,696.0-4.3 Ontario 92,404.9 110,681.1-16.5 98,495.2 117,818.2-16.4 89,334.3 107,176.6-16.6 95,505.9 114,511.1-16.6 Quebec 23,336.8 21,329.4 9.4 24,173.2 22,083.5 9.5 21,783.9 19,892.6 9.5 22,653.8 20,672.5 9.6 New Brunswick 1,283.9 1,170.9 9.7 1,330.0 1,249.1 6.5 1,219.0 1,104.0 10.4 1,273.2 1,196.3 6.4 Nova Scotia 2,284.0 2,090.0 9.3 2,453.3 2,230.7 10.0 2,172.9 2,001.5 8.6 2,333.5 2,140.7 9.0 Prince Edward Island 403.7 409.8-1.5 427.8 428.9-0.3 356.8 366.1-2.5 376.2 383.9-2.0 Newfoundland & Labrador 801.7 859.8-6.8 828.9 873.6-5.1 776.2 819.6-5.3 800.1 835.2-4.2 Northwest Territories 87.8 93.5-6.1 94.2 99.8-5.5 87.0 91.7-5.1 93.7 98.8-5.1 Yukon 110.1 126.8-13.2 122.3 133.3-8.3 104.5 119.9-12.9 117.0 126.7-7.7 Canada 195,535.0 226,485.3-13.7 207,004.4 240,402.2-13.9 186,583.0 216,633.8-13.9 197,367.3 230,396.7-14.3 Sales Activity British Columbia 71,734 91,640-21.7 75,097 96,845-22.5 66,365 85,318-22.2 69,668 90,282-22.8 Alberta 46,994 49,053-4.2 49,806 52,891-5.8 44,390 46,736-5.0 47,108 50,138-6.0 Saskatchewan 9,305 9,815-5.2 9,801 10,352-5.3 8,631 9,087-5.0 9,131 9,683-5.7 Manitoba 12,108 12,747-5.0 12,878 13,620-5.4 11,357 11,998-5.3 12,091 12,840-5.8 Ontario 166,886 193,069-13.6 175,539 203,828-13.9 158,325 183,667-13.8 167,773 194,559-13.8 Quebec 76,231 72,688 4.9 79,413 75,496 5.2 71,718 68,273 5.0 74,792 71,087 5.2 New Brunswick 7,582 7,365 2.9 7,898 7,812 1.1 6,880 6,583 4.5 7,198 7,094 1.5 Nova Scotia 10,274 9,760 5.3 10,989 10,272 7.0 9,190 8,753 5.0 9,797 9,254 5.9 Prince Edward Island 2,176 2,284-4.7 2,338 2,390-2.2 1,702 1,802-5.5 1,798 1,889-4.8 Newfoundland & Labrador 3,325 3,479-4.4 3,398 3,526-3.6 3,120 3,248-3.9 3,195 3,305-3.3 Northwest Territories 206 225-8.4 220 248-11.3 205 225-8.9 219 246-11.0 Yukon 305 356-14.3 328 375-12.5 289 341-15.2 314 362-13.3 Canada 407,126 452,481-10.0 427,705 477,655-10.5 382,172 426,031-10.3 403,084 450,739-10.6 * in millions of dollars 1 Total = + Non-residential Note: Due to s in local market boundaries and data collection in the province of Quebec, local market and provincial totals for Quebec and Canada after 2000 are not directly comparable with earlier years.