The Canadian Real Estate Association (CREA), recently released national sales statistics for August of 2019.
According to the report, "Home sales recorded via Canadian MLS® Systems advanced for the sixth consecutive month in August. Transactions are now running almost 17% above the six-year low reached in February 2019, but remain about 10% below highs reached in 2016 and 2017."
"That said, national measures of market balance continue to mask significant regional variations. The number of months of inventory has swollen far beyond long-term averages in Prairie provinces and Newfoundland and Labrador, giving homebuyers ample choice in these regions. By contrast, the measure is running well below long-term averages in Ontario, Quebec and Maritime provinces, resulting in increased competition among buyers for listings and fertile ground for price gains. Meanwhile, the measure is well centered in a balanced market territory in the Lower Mainland of British Columbia, making it likely that prices there will stabilize.
Highlights of CREA's report
- National home sales rose 1.4% month-over-month (m-o-m) in August.
- The actual (not seasonally adjusted) activity was up 5% year-over-year (y-o-y).
- The number of newly listed homes climbed 1.1% m-o-m.
- The MLS® Home Price Index (HPI) advanced by 0.8% m-o-m and 0.9% y-o-y.
- The actual (not seasonally adjusted) national average sale price was up 3.9% y-o-y.
Read the entire report on Canadian MLS® sales for August 2019.
Read also: CREA's Housing Forecast for September 2019.
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