CREA economist Gregory Klump reports on MLS® sales and listings for the Canadian real estate market for August, 2011.
Highlights from CREA's release
- Sales activity was stable from July to August, but posted another big year-over-year gain reflecting weakened demand last summer.
- Year-to-date sales pulled ahead of 2010 levels for the first time this year, and remain in line with the ten-year average.
- The number of newly listed homes was also little changed from July to August.
- The national housing market stayed firmly entrenched in balanced territory.
- There were more balanced local markets in August than at any other time on record.
- The national average price posted another year-over-year gain in August, but has moderated from elevated levels earlier this year.
- Upward skewing of the national average price is diminishing due to fewer expensive sales and a declining share of national activity in Vancouver and Toronto.
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