Canadian home sales continue to trend upwards, says CREA report

Home sales across the country continue to rebound from what experts considered a tough 2018.

According to the Canadian Real Estate Association (CREA), home sales across the country have jumped 20% from the six-year low reach in February of 2019 and up are 12.9% over this time last year.

However, there is a disparity between local housing markets throughout the country.

Higher sales are being reported in the greater Vancouver area as well as neighbouring Fraser Valley and Ottawa.

Those hot sales markets have offset a monthly decline in activity in the greater Toronto area, particularly in Central Toronto, along with Hamilton and Burlington.

Overall, transactions were up from year-ago levels in 80% of all local markets in October, including all of Canada’s largest urban markets.

“Steady national activity in October hides how the mortgage stress-test remains a drag on many local housing markets where the balance between supply and demand favours homebuyers in purchase negotiations,” said Jason Stephen, president of CREA.

“That said, all real estate is local, so market balance varies depending on location, housing type, and price segment.”

Although sales are up, the number of newly listed properties across Canada fell 1.8% over the last month.

Prices have gone up 0.6% over the last month, marking to fifth consecutive monthly gain and 1.8% since the same time last fall.