Canadian Existing-Home Sales Fall in August
Canadian Home Sales Slide Down Slightly in August
On Tuesday, the Canadian Real Estate Association (CREA) reported that existing-home sales recorded over Canadian MLS Systems fell 0.7% in August. Monthly activity has remained largely unchanged since May.
As of the end of August, just under 200,000 properties were listed for sale, up 1.4% from a year earlier and in line with the historical average for that time of year.
New listings rose 3.3% month-over-month, reversing three consecutive declines earlier in the summer. With sales falling, the national sales-to-new listings ratio loosened to 49.1%, compared with 51.1% in July. CREA noted that the long-term average is 54.7%, with readings between 45% and 65% generally consistent with balanced market conditions.
There were 4.8 months of inventory on a national basis at the end of August, unchanged for the fourth consecutive month and slightly below the long-term average of five months.
The non-seasonally adjusted average home price was CA$668,219 in August, up 0.6% from a year earlier.
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