Home sales and prices continue to rise

by Jennifer Paterson15 Sep 2015
As summer ends and real estate’s busiest season kicks off, new figures from the Canadian Real Estate Association show actual home sales activity in August was up year-over-year, the third highest August sales on record.

This rise was evident in just over 60% of all local markets, led by the Lower Mainland region of British Columbia and the Greater Toronto Area.

“August marked the fourth month in a row for strong and stable national sales activity,” said CREA president Pauline Aunger, in a release.

“While home prices increased in British Columbia and in the Greater Toronto Area, they have been holding fairly steady in many other parts of the country for some time now.”

However, sales in Calgary continued to post the largest year-over-year declines after having run near record levels last year.

While year-over-year price growth varied among housing markets, prices in Calgary were flat on a year-over-year basis, marking the first month since September 2011 of no year-over-year price growth.

As expected, Greater Vancouver (up 11.96%) and Greater Toronto (up 9.99%) continue to post by far the biggest year-over year price increases.

By comparison, year-over-year price growth in the Fraser Valley accelerated to about 7%, while Victoria and Vancouver Island prices logged year-over-year gains of about 5% in August.

“Prices continue to rise in Ontario and British Columbia, where listings are either in short supply or heading in that direction,” said Gregory Klump, CREA’s chief economist.

“August also provided early evidence that modest price growth is re-emerging in some markets in Quebec and New Brunswick.

“The continuation of low interest rates is supporting home sales and price trends, and is likely to keep doing so for some time.”

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