“Home sales in Canada were up 2.5 per cent from August to September,” according to the latest report from the Canadian Real Estate Association. This is the first monthly gain since March 2012 and is “a partial recovery from the 6.2 per cent drop recorded in August.”
Activity picked up in 60 per cent of local markets, including Edmonton, Toronto, Calgary, Greater Vancouver and Quebec City, and the number of newly listed homes was up 6.5 per cent from August to September.
However, actual (not seasonally adjusted) activity was down 15.1 per cent year-over-year in September. Almost half of the local markets surveyed posted a decline of at least 10 per cent from September 2011.
Overall, the national average home price rose 1.1 per cent year-over-year in September.
“New mortgage rules continue to keep a lid on national sales activity,” explained Wayne Moen, CREA’s President.
“That said, national figures mask diverging trends in different markets, with activity down in some places while sales elsewhere remain strong.”