Canadian Home Sales Increase In September

The Canadian Real Estate Association says that home sales across the country have increased over the month of September compared to August, with a modest increase of 0.8 per cent. Sales figures that weren’t seasonally adjusted posted an 18.2 per cent gain year-over-year, comparing the growth in sales from September 2013 to 2012.

“Sales activity across much of the country has improved in recent months following a slow start to the year and new listings in some areas have not kept pace,” said the president of the Canadian Real Estate Association, Laura Leyser. “Depending on where they are, there may be a bit more competition among buyers for limited inventory in the months ahead. Because all real estate is local, your local Realtor remains your best resource for understanding how the housing market is shaping up either where you live or might like to.”

New listings across the country dropped 1.4 per cent from August to September, while average sale prices according to the MLS Home Price Index rose 3.1 per cent.

“Year-over-year increases in the sales over the past couple of months highlights how activity softened across much of the country following the introduction of tighter mortgage rules last summer,” said the Chief Economist for the Canadian Real Estate Association, Gregory Klump, in a press release. “While the momentum for sales activity began improving a few months ago, it may be losing steam after having only just climbed back in line with an average of the past 10 years. Even so, one can see the large year-on-year changes when comparing activity to a month like September 2012, when sales dropped to the lowest level for that month in more than a decade.”

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