Canadian home sales activity strengthens in July- CREA
The new statistical report from The Canadian Real Estate Association shows that home sales across Canada were up in July from the previous month by 1.9%.
The new statistical report from The Canadian Real Estate Association shows that home sales across Canada were up in July from the previous month by 1.9%.
“"This year's new stress-test on mortgage applicants continues to weigh on home sales but its effect may be starting to fade slightly in Toronto and nearby markets," 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.”
Newly listed home numbers dropped by 1.2% in July and were down in nearly half of all local markets.
In Ottawa, the benchmark home price rose by 7.2% year over year. The national average price for a home sold in July was up 1% from last July to just under $481,500. This figure is heavily affected by the GVQ and GTA markets and when excluding these two markets, the national average home price is just under $383,000.