Canadian housing markets in 'balanced territory' after 3rd monthly sales decline

Canadian home sales posted a third consecutive month-over-month decline in December, falling 1.8 percent from November and 5.2 percent from a September peak, but were up 12.9 percent from the same time a year ago.

Statistics released today by The Canadian Real Estate Association also showed a 4.3 percent decline in newly listed homes from November to December. But CREA characterized the Canadian housing markets as remaining in “balanced territory,” with the national average sale price up 10.4 percent from a year ago and 6.2 months of inventory at the end of December, up from 6.1 months at the end of November. Source: