Canadian home sales edge up in August

Sep 15 13:09 2017 Print This Article

Ottawa, ON, September 15, 2017 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales posted a small gain in August 2017.

Highlights:

National home sales rose 1.3% from July to August.

Actual (not seasonally adjusted) activity stood 9.9% below last August’s level.

The number of newly listed homes fell a further 3.9% from July to August.

The MLS® Home Price Index (HPI) was up 11.2% year-over-year (y-o-y) in August 2017.

The national average sale price climbed by 3.6% y-o-y in August.

The number of homes sold via Canadian MLS® Systems edged up by 1.3% in August 2017. The small gain breaks a string of four straight declines, but still leaves activity 13.8% below the record set in March.

There was a roughly even split between the number of local markets where sales posted a monthly increase and those where activity declined. The monthly rebound in Greater Toronto Area (GTA) (14.3% month-over-month) sales fueled the national increase. For Canada net of the GTA, sales activity was flat. While it was the first monthly increase in activity since Ontario’s Fair Housing Policy was announced, GTA sales activity remained well down compared to the peak reached in March (-36%) and year-ago levels (-32%).

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Canadian Real Estate Association

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade Associations. They have over 100,000 real estate brokers, agents and salespeople, working through 100 real estate Boards and Associations across Canada as members.

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