Kiyoko Fujimura

Buzzbuzzhome Corp.
September 15, 2010

The numbers are in. And they’re looking good!

According to

Sales of existing homes in Canada in August rose 4.1 from July, the first monthly increase since March, the Canadian Real Estate Association said Wednesday. The industry group said 32,807 homes changed hands in August, with most of the monthly gains concentrated in the two biggest markets, Ontario and British Columbia, a reversal from the previous month.

But it’s not all sunshine and roses. Sales were down 22.5 per cent on a seasonally adjusted basis from one year ago. Home sales are likely to continue cooling as most purchasers rushed to beat the HST, stricter mortgage regulations and rising interest rates.

While these numbers are somewhat surprising, don’t expect them to keep climbing. The housing market is bound to continue cooling down after the flurry of credit-happy purchasers in the first half of 2010.

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