Monthly home sales ticked up in August, but housing market activity 'stuck in holding pattern,' says CREA
CBC
Canadian home sales increased 1.3 per cent on a month-over-month basis in August, but monthly activity was down 2.1 per cent from the same time a year ago, the Canadian Real Estate Association said on Monday.
The association said that a second interest rate cut from the Bank of Canada in late July gave another gentle boost to the housing market, but that the bigger pictured showed little change.
"Despite some fledgling signs of life to kick off the long-awaited monetary policy easing cycle, Canadian housing market activity still looks to be stuck in the same holding pattern it's been in all year," said CREA senior economist Shaun Cathcart.
The number of newly listed properties ticked up 1.1 per cent month-over-month in August.
The national average home price was $649,100 in August, nearly unchanged from the same period a year before.
More to come.
