Home sales across Canada increased by only 0.3 per cent from July to August, but not actual (not seasonally adjusted) activity was 4 per cent higher than August of last year.
“August marked the fourth month in a row for strong and stable national sales activity,” said Pauline Aunger, the president of the Canadian Real Estate Association. “While home prices increased in British Columbia and in the Greater Toronto Area, they have been holding fairly steady in many other parts of the country for some time now. All real estate is local and Realtors remain your best source for information about sales and listings where you live or might like to in the future.”
The number of new listings increased by 0.5 per cent from July to August, while the national average price increased by 4.2 per cent over last year excluding Greater Vancouver and Greater Toronto. If Greater Vancouver and Greater Toronto are included, the national average sale price is up by 8.7 per cent.
“Prices continue to rise in Ontario and British Columbia, where listings are either in short supply or heading in that direction,” said the chief economist for the Canadian Real Estate Association Gregory Klump. “August also provided early evidence that modest price growth is re-emerging in some markets in Quebec and New Brunswick. The continuation of low interest rates is supporting home sales and price trends, and is likely to keep doing so for some time.”