September 23, 2010
August Gains Show Market Resiliency
Did you know the Canadian real estate market is showing signs of resiliency, as sales of existing home rose 4.1% in August over the previous month? This is the first monthly increase since March, according to the Canadian Real Estate Association (CREA). Most of the gains were in Ontario and B.C. The number of new residential listings on Canadian MLS Systems edged up 1.9% in August. Average price rose or was stable in nearly two-thirds of all local markets on a year-over-year basis, but increases are shrinking in Canada’s most active and priciest markets, namely Toronto and Vancouver. “Rising interest rates and a projected slowdown in job growth means that the Canadian housing market is expected to continue to cool,” said CREA President Georges Pahud.
