It’s been relatively quiet when it comes to home sales in Canada.
The number sold via MLS rose by 0.3% in August, compared to the month before, and remains near levels which haven’t changed much since reaching a 5-year high in May, according to the Canadian Real Estate Association.
The number of newly listed homes rose by 0.5% last month compared to July, led by gains in the GTA and Edmonton.
The actual (not seasonally adjusted) national average price for homes sold in August was $433,367, up 8.7% on a year-over-year basis.
The national average price continues to be pulled upward by sales activity in the Greater Toronto and Vancouver areas, which feature the country’s most active and expensive housing markets. If these two markets are excluded, average prices run $338,755, with the year-over-year gain reduced to just over 4%.
In the GTA specifically, home prices were up nearly 0.5% to $564, 600.
“Prices continue to rise in Ontario and British Columbia, where listings are either in short supply or heading in that direction. 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.” – Gregory Klump, CREA’s Chief Economist.
“August marked the fourth month in a row for strong and stable national sales activity. While home prices increased in the Greater Toronto Area and BC, they have been holding fairly steady in many other parts of the country for some time now.” – Pauline Aunger, CREA President.