Industry News

Canadian real estate sales break monthly record

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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 ...