According to the newest statistics from the Canadian Real Estate Association, home sales activity across Canada increased by almost one per cent in July 2014 compared to June of this year.
Year-over-year, actual, not seasonally adjusted activity was up by 7.2 per cent.
“On the surface, national sales activity in July was similar to what we saw in May and June,” said the president of the Canadian Real Estate Association, Beth Crosbie. “That said, July sales picked up in markets that struggled to gain traction in the spring, while activity eased slightly in some of Canada’s largest urban markets. As always, all real estate is local and whether you’re looking to buy or sell, your local realtor is your best source of information on all the factors driving the market where you currently live or might like to in the future.”
The average selling price for a home in Toronto during this time period was up by 7.88 per cent.
“Low mortgage interest rates continue to bolster home sales activity,” said the chief economist for the Canadian Real Estate Association, Gregory Klump. “With the Bank of Canada widely expected to hold interest rates steady until next year, mortgage financing will remain attractive over the second half of 2014 and continue to support Canadian economic growth while waiting for Canadian exports and investment to improve.”