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Canadian home sales edge lower but remain strong in July reports CREA

8/17/2015

Highlights:

 

•       National home sales edged back by 0.4% from June to July.

 

•       Actual (not seasonally adjusted) activity stood 3.4% above July 2014 levels.

 

•       The number of newly listed homes edged up 0.2 per cent from June to July.

 

•       The Canadian housing market remains balanced overall.

 

•       The MLS® Home Price Index (HPI) rose 5.9% year-over-year in July.

 

•       The national average sale price rose 8.9% on a year-over-year basis in July; excluding Greater Vancouver and Greater Toronto, it increased by 4.1%.

 

The number of home sales processed through the MLS® Systems of Canadian real estate Boards and Associations declined by 0.4 per cent in July 2015 compared to June. While this marks the second consecutive monthly decline in activity, sales activity in May, June and July reached their highest monthly levels in more than five years. 

 

July sales were down from the previous month in about half of all local markets, led by declines in Hamilton-Burlington and in the Durham Region of the greater Toronto Area (GTA). The monthly decline in sales for these two markets represents a pullback from record levels in June and likely reflects an insufficient supply of listings. By contrast, sales in Newfoundland and Labrador were up most on a month-over-month basis, marking a rebound from a quiet month of June for the province.

 

“National sales activity remains solid, fuelled by strength in British Columbia and the Greater Toronto Area, where listings are in short supply or trending that way,” said CREA President Pauline Aunger. “That said, markets elsewhere across Canada are largely well balanced and in some cases have an ample supply of listings. As always, 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.”

 

“It’s fair to say that the strength of national sales is still a story about two cities, but it’s equally about how trends there are spreading out in their respective provinces,” said Gregory Klump, CREA’s Chief Economist. “Trends in British Columbia and Ontario have a big influence on the national figures, since they account for about 60 per cent of national housing activity. As a result, the national picture reflects how demand is running high for the short supply of single family homes in and around the GTA while the balance between supply and demand is tightening in B.C.’s Lower Mainland. These remain the only places in Canada where home prices are growing strongly.”

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