Canadian Home Sales Activity Edges Higher in August

• National home sales rose 0.9% from July to August
• Actual (not seasonally adjusted) activity was down 3.8% from August 2017
• The number of newly listed homes was unchanged from July to August
• The MLS Home Price Index (HPI) was up 2.5% year-over-year (y-o-y) in August
• The national average sale price edged up 1% y-o-y in August

"Improving national home sales activity in recent months continues to obscure significant differences in regional trends for home sales and prices," said Gregory Klump, CREA's Chief Economist. "Moreover, recent monthly sales increases are diminishing, which suggests that the rebound may be starting to lose steam."
 
"The new stress-test on mortgage applicants implemented earlier this year continues to weigh on national home sales, said CREA President Barb Sukkau. "The degree to which the stress-test continues to sideline home buyers varies depending on location, housing type, and price range. 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," said Sukkau.

If you have any questions, or concerns, about today's market, contact me today!
 
Mike Mossuto
 Sales Representative
 Keller Williams Complete Realty
 905-929-3473

(All information taken from CREA National Statistics)