Home sales across the country edged up slightly in September, logging a 0.8 per cent increase over August, according to data released today by the Canadian Real Estate Association (CREA).
A September sales boost occurred in more than half of all local markets measured, with month-over-month gains in Greater Vancouver and Greater Toronto offsetting sales declines in Calgary and Montreal. However, the number of newly listed homes decreased by 1.4 per cent from last month.
Nationally, the number of sales rose by 18.2 per cent year-over-year. Sales climbed in about three quarters of all local markets over September 2012, with Vancouver, Toronto, Edmonton and Calgary leading the way.
“Sales activity across much of the country has improved in recent months following a slow start to the year and new listings in some areas have not kept pace,” said CREA President Laura Leyser.
With tighter mortgage rules, the Canadian housing market remains stable — about 340,980 dwellings have swapped owners across the country so far this year, a 1.8 per cent decline from the first three quarters of 2012.
Consider this with the fact that the average national sales price increased by 8.8 per cent in September 2013 compared to the same time last year and now stands at $385,906.
According to CREA, the price increase can be attributed to a slowdown in activity in more expensive markets within the country last year, which caused the average price to decline. With those markets seeing more activity, the price is rising again.
Here’s a more detailed look at the number of home sales that occurred in September:
Photo: Jay Woodworth/Flickr