Canadian home sales edge higher in September 2013

Yesterday the Canadian Real Estate Association (CREA) released statistics indicating that national home sales posted a 0.8% gain from August to September 2013. While markets in Greater Vancouver and Greater Toronto enjoyed improved sales on a month-over-month basis, markets in Calgary and Montreal declined. The number of newly listed homes declined by 1.4 per cent on a month-over-month basis in September. The Canadian housing market has tightened but continues to remain balanced.

“Year-over-year increases in the sales over the past couple of months highlights how activity softened across much of the country following the introduction of tighter mortgage rules last summer,” said Gregory Klump, CREA’s Chief Economist.

“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. “Depending on where they are, there may be a bit more competition among buyers for limited inventory in the months ahead. Because all real estate is local, your REALTOR® remains your best resource for understanding how the housing market is shaping up either where you live or might like to.”

Chart indicating levels of Canadian home sales in the month of September 2013


Read the full report here: