Canadian home sales activity edges higher in August- CREA
According to the recent data released by the Canadian Real Estate Association (CREA), there was a small increase in home sale between July and August nationwide.
According to the recent data released by the Canadian Real Estate Association (CREA), there was a small increase in home sale between July and August nationwide.
Home sales increased by 0.9% which marks the 4th consecutive month of gains nationally. Conversely, activity was down year-over-year by 3.8% due to declines in come of the major urban markets in B.C.
"The new stress-test on mortgage applicants implemented earlier this year continues to weigh on national home sales," said CREA President Barb Sukkau. "The degree to which the stress-test continues to sideline home buyers varies depending on location, housing type and price range. 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," said Sukkau.
About two-thirds of local markets fell into “balanced market” terms when comparing the sales-to-new listings ratio and the long-term average.
“The Aggregate Composite MLS® Home Price Index (MLS® HPI) was up 2.5% y-o-y in August 2018. Apartment units posted the largest y-o-y price gains in August (+9.5%), followed by townhouse/row units (+4.3%). Meanwhile, one-storey and two-storey single family home prices were little changed on a y-o-y basis in August (+0.4% and -0.4% respectively).”
Not considering seasonally adjusted data, the national average home price in August was up 1% from last year to approximately $475,500. Excluding sales from the very active and expensive GTA and GVA markets, the national average home price is cut to $382,000.
For more information and to read the full release from CREA, please click here.