CREA: Canadian Home Sales Edge Lower, Remain Strong in July
Highlights for July:
– National home sales declined by 0.4% from June to July
– Actual activity stood 3.4% above July 2014 levels
– Canadian housing market remains balanced overall
– MLS Home Price Index (HPI) rose 5.9% year-over-year in July
– National average sale price rose 8.9% on a year-over-year basis in July.
– If you exclude Greater Vancouver and Greater Toronto, it increased by 4.1%
The Canadian Real Estate Association (CREA) reported the results across Canada for July. The number of homes sold through MLS declined 0.4% in comparison to June. Although this is the second consecutive month of decline in activity, sales activities in each of the past few months continue to be at their highest levels in 5+ years.
“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.”
Other statistics for the month of July:
National Home Price Average = $437,999; represents an 8.9% increase year-over-year
National Home Price Average excluding Vancouver, Toronto = $341,438
Sales-to-New-Listings Ratio: 56.8%; indicating a balanced housing market