September 16, 2019
Statistics released today by the Canadian Real Estate Association (CREA) show national home sales were up in August 2019.
Highlights:
- National home sales rose 1.4% month-over-month (m-o-m) in August.
- Actual (not seasonally adjusted) activity was up 5% year-over-year (y-o-y).
- The number of newly listed homes climbed 1.1% m-o-m.
- The MLS® Home Price Index (HPI) advanced by 0.8% m-o-m and 0.9% y-o-y.
- The actual (not seasonally adjusted) national average sale price was up 3.9% y-o-y.
Home sales recorded via Canadian MLS® Systems advanced for the sixth consecutive month in August. Transactions are now running almost 17% above the six-year low reached in February 2019, but remain about 10% below highs reached in 2016 and 2017.
CREA Updates Resale Housing Market Forecast
Ottawa, ON, September 16, 2019 – The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate boards and associations – for the rest of 2019 and looking ahead to 2020.
Economic fundamentals underpinning housing activity remain strong outside of the Prairies and Newfoundland and Labrador. Population and employment growth have both remained supportive and the unemployment rate remains low. At the same time, expectations have become widespread that the Bank of Canada is unlikely to raise interest rates over the rest of the year and into next.
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