According to the latest from the Canadian Real Estate Association, national home sales activity dropped by 1.4 per cent from August to September 2014, however activity was up by 10.6 per cent compared to September of last year.
“Affordably priced single family homes are in short supply in some of Canada’s hottest housing markets, which contributed to the monthly decline in national sales activity in September,” said the president of the Canadian Real Estate Association, Beth Crosbie. “That said, there are other markets with ample supply but sellers there are holding firm on price. There is a lot of variation in housing market trends depending on the type of housing, neighbourhood and price segment. All real estate is local and your Realtor is your best source for information about how the housing market is shaping up where you currently live or might like to in the future.”
The average selling price was pushed upwards because of sales in Vancouver and Toronto to $408,795 or 5.9 per cent. If these two big markets are excluded, the average price was only up 4.5 per cent to $325,406.
According to the chief economist for the Canadian Real Estate Association, Gregory Klump, “Sales activity and prices in the third quarter were up compared to the second quarter, although momentum going into the fourth quarter is showing tentative signs of waning. The continuation of extraordinarily low mortgage rates has been and will continue to be the key support for home sales activity amid continuing price increases in some of Canada’s most active and expensive urban centres.”