National home sales dipped in September, marking the first monthly decline since January, according to statistics released from the Canadian Real Estate Agency.
The number of homes that changed hands through Canada’s MLS systems fell by 1.4 per cent in September compared to August. The number of newly listed homes also declined by 1.6 per cent month-over-month.
But despite these slips, sales were up 10.6 per cent from a year earlier, and so was the average selling price, which rose 5.9 per cent year-over-year to $408,795, leading economists to agree that the overall housing market remains balanced.
“The headline sales decline is a disappointment, although more data points will be needed to confirm a clear softening trend,” CIBC economist Nick Exarhos wrote in a research note.
Year-to-date sales activity in September was also up, coming in five per cent above where it stood in the first nine months of 2013.
Here are some highlights of how housing sales played out across the country in September:
- Sales were down in about 60 per cent of all local housing markets, led by monthly declines in Calgary, Edmonton, Central Toronto, Kitchener-Waterloo, London, Windsor-Essex and Ottawa
- Home sales rose month-over-month in Fraser Valley, Vancouver Island, the Okanagan region, Mississauga, Durham and York regions, Sherbrooke and the Northern region of Nova Scotia
- Two-storey single family homes continue to post the biggest year-over-year price gains (up 6.5 per cent), followed closely by townhouse/row units (up 5.5 per cent) and one-storey single family homes (up 5.1 per cent), while price growth for apartment units remains comparatively modest (up 3.1 per cent).
- The biggest gains were posted by Calgary (up 10.1 per cent), Greater Toronto (up 7.8 per cent) and Greater Vancouver (up 5.26 per cent).