Despite the second consecutive month of slowing home sales across Canada, closed transactions set a monthly record in August, according to the Canadian Real Estate Association.
Seasonally adjusted existing-home sales via the Multiple Listing Service numbered 37,881 units in August, down 1.1 percent compared to 38,397 units the previous month.
Monthly sales increases in all Prairie Provinces, New Brunswick, Nova Scotia and Prince Edward Island were offset by declines in British Columbia, Ontario, Quebec and Newfoundland, CREA reported.
Seasonally adjusted new listings rebounded in August with 62,645 units, compared to 61,264 units in July, representing a monthly increase of 2.3 percent. More new listings and slightly fewer sales caused the market to become more balanced, according to CREA.
The national MLS residential average price rose 5 percent year-over-year to $219,754 in August, its second single-digit percentage increase since December 2003 and its smallest increase for the year to date.
Although average price broke all previous monthly records for the month of August in every province, a more balanced market is expected to keep average price increases in single-digit territory over the rest of the year.
The Canadian Real Estate Association is one of Canada’s largest single-industry trade associations, representing more than 73,000 Realtors working through 102 real estate boards, 10 provincial associations and one territorial association.
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