According to the Canadian Real Estate Association, home sales in Canada increased by two per cent from July of this year to August.
“Sales picked up in some of Canada’s most active and expensive real estate markets which fueled another national increase,” said the president of the Canadian Real Estate Association, Beth Crosbie. “Even so, the national increase in sales does not reflect local trends in many markets across Canada. 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 about the housing market where you currently live or might like to in the future.”
New listings decreased by 1.2 per cent month-to-month, while the actual (not seasonally adjusted) average home price increased by 5.3 per cent to $398,618.
Gregory Klump, the chief economist for the Canadian Real Estate Association, said that, “Sales activity in recent months has remained stronger than was anticipated earlier this year. Listings and sales this spring were deferred due to unseasonably harsh weather, which subsequently supported activity once the delayed spring home buying season got into gear. This trend was reinforced by a decline in mortgage interest rates.”
He continued, “The boost from deferred sales is still expected to prove transitory. While national activity has yet to cool, sales were down from the previous month in the majority of Canada’s local markets, which may be early evidence that the transitory boost is fading. That said, low interest rates will continue to support housing affordability and sales activity.”