Canadian housing market cruising between pre and peak pandemic levels: CREA

The Canadian Real Estate Association (CREA) recently released national sales statistics for August of 2021.

According to the report, "Home sales recorded over Canadian MLS® Systems edged back a slight 0.5% on a month-over-month basis in August 2021, as transactions appear to be stabilizing at more sustainable but still historically active

levels."

“Canadian housing markets appear to be stabilizing somewhere in between pre-and peak-pandemic levels – which is
to say, still extremely unbalanced,” said Shaun Cathcart, CREA’s Senior Economist. “As far as campaign promises around building more homes, at least we are finally having the right conversation. But as anyone who has tried to
get even a small project done in the last year knows, availability of materials and skilled labour are not dials that
can simply be turned up to 11 whenever we decide we need them. And that’s not to mention all the other barriers
to building, of which there are many. It’s definitely easier said than done.”

 Highlights of CREA's report

•             National home sales edged back 0.5% on a month-over-month basis in August;

•             Actual (not seasonally adjusted) activity was down 14% on a year-over-year basis;

•             The number of newly listed properties ticked up 1.2% from July to August;

•             The MLS® Home Price Index (MLS® HPI) rose 0.9% month-over-month and was up 21.3% year-over-year;

•             The actual (not seasonally adjusted) national average sale price posted a 13.3% year-over-year gain in August.

Read the entire report on Canadian MLS® sales for August of 2021.

Read also, CREA's updated Housing Market Forecast.

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