Real Estate Articles

Canada's residential property market remains balanced

October may be just the month to look soberly at the summer property market activity. Concluding its seasonal study, the Canadian Real Estate Association (CREA) has finally announced the August national data on residential home sales through the Multiple Listing Service (MLS).

It shows a continuing decline in the national average residential unit sales, price, dollar volume and new listings since May. Seasonally adjusted the picture is but a bit different, with only dollar volume and new listings on the market modestly moving up 2.1% and 2.3% in August against July respectively.

Comparing the market indices in August-July with their fluctuations in July-June and June-May, there is moderate improvement in percentage of dollar volume and new listings. However, the monthly indices were not optimistic for British Columbia and Newfoundland, where a slight decrease is registered even in residential MLS unit sales. Noteworthy was the nationwide MLS residential average home price which reached a record high for that August in every province stopping at $219,754, a 5% year-over-year climb. At the same time the data shows it has been the smallest average price rise for the year.

On the whole the Canadian Real Estate Association news release says the market is good and far from faltering. It was rather steadfast in the low activity summer cycle and is expected to be more balanced in the fall.

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