CREA reports home sales in September up 15.5% from year ago

Home sales through the Canadian Multiple Listing Service were up 0.6 per cent month over month

Home sales in Canada’s big cities continued a rebound in September with a 15.5 per cent increase in sales compared with a year ago, according to the Canadian Real Estate Association.

The association said Tuesday that sales compared with a year ago were up in Canada’s large urban markets, including B.C.’s Lower Mainland, Calgary, Edmonton, Winnipeg, the Greater Toronto Area, Hamilton-Burlington, Ottawa and Montreal, while data showed markets were still in balanced territory.

“Home sales activity and prices are improving after having weakened significantly in a number of housing markets,” said CREA chief economist Gregory Klump in a statement.

“How long the current rebound continues depends on economic growth, which is being subdued by trade and business investment uncertainties.”

On a month-over-month basis, home sales through the Canadian Multiple Listing Service were up 0.6 per cent in September.

Higher home sales in September was a continuation of a rebound from a six-year low hit in February. Sales started to pick up in March after mortgage rates started to fall, said BMO senior economist Robert Kavcic.

“The winning streak for Canadian existing home sales continued in September…that marks an impressive seventh consecutive monthly gain, leaving the level of activity comfortably above the 10-year average.”

ALSO READ: Vancouver’s luxury real estate market to get a boost, forecast says

The five-year fixed mortgage rate has declined by about one percentage point to slightly below 2.5 per cent, a drop Kavcic said was significant from an affordability perspective but not likely to drop much further for now.

The increase in sales, combined with a small decline in new supply, pushed the sales-to-new listings ratio to 61.3 per cent, well above the long-term average of 53.6 per cent to favour sellers, but still considered balanced.

The home inventory, which shows how long it would take to liquidate inventories at current sales levels, also shifted to further favour sellers while still remaining in what’s considered a balanced market.

The national average price for homes sold in September 2019 was about $515,500, up 5.3 per cent from the same month last year.

Excluding the Greater Vancouver and Greater Toronto regions, the average price was less than $397,000 and amounting to a year-over-year gain of 3.3 per cent

The national benchmark home price index, designed to exclude homes on the high and low end of the market to more represent a typical home, had a year over year price increase of a more modest 1.3 per cent.

Benchmark home prices in Greater Vancouver were down the most from a year ago after a 7.3 per cent decline. The Greater Toronto area saw the benchmark price climb five per cent, while Ottawa saw the biggest gains reported at 9.6 per cent from a year ago.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Fort St. James Green Energy plant ‘offline’ until April

Plant manager said the biomass facility had an unforseen circumstance last December.

Feds should have extended EI, says displaced forestry worker

Only 11 workers in the district have been placed into other jobs via forestry placement office.

Mainly sunny Saturday, but cloudy weather in the forecast

Environment Canada weather report for the week of Feb. 24

CGL must revise impact assessment on Unist’ot’en Healing Center

Environmental Assessment Office not satisfied with report’s shortcomings

Man, 40, killed in hit and run in Fort St. James

One person is dead in a hit and run case that is… Continue reading

VIDEO: Behind the scenes of turning newspapers into digital archives

Kelowna Capital News donated materials dating from 1980 to 2000

Landlord ordered to pay $11K after harassing B.C. mom to move days after giving birth

Germaine Valdez was pressured to move just a few days after giving birth by C-section to her child

Heart attacks strike B.C. husband and wife just over one year apart

Courtenay couple share personal stories to bring awareness to heart month

‘Nothing surprises us anymore:’ U.S. border officials find brain in package

U.S. Customs and Border Protection agents found the brain packed in a glass mason jar in a Canada Post shipment

B.C., Ottawa sign sweeping 30-year deal for northern caribou habitat

West Moberly, Saulteau co-manage new protection on two million acres

Eyes on police after Trudeau orders blockades torn down, injunctions enforced

The RCMP in B.C. have sent a letter to the traditional leaders of the Wet’suwet’en Nation

B.C. massage therapist suspended following allegations of sexual misconduct

While suspended, Leonard Krekic is not entitled to practice as an RMT in B.C.

Cheapest in B.C.: Penticton gas prices dip below $1 per litre

Two stores in Penticton have gas below a dollar.

Loans or gifts? Judge rules woman must pay B.C. man back $7K

B.C. judge rules that woman must pay back more than $7,000 in advanced funds to man

Most Read