Posted by: Vince Gaetano
The Canadian Real Estate Association reported on August 15th that sales activity across Canada in July was approximately 1 percent higher than that of the month prior.
July marks the sixth straight month where home sales have increased on the Multiple Listings Service with a 0.8 percent increase over June’s sales activity. The activity increase marks the highest level since March 2010.
The local markets with greatest increases in sales activity were in London, St.Thomas, Winnipeg and Victoria. Approximately 6 of every 10 local markets saw increased sales activity from the month prior. Month to Month, activity in Toronto, Vancouver and Calgary was flat.
Year over Year, without any seasonal adjustments, activity in July was 7.2 percent higher and over 70 percent of markets saw increased activity.
The impressive July numbers come out just as the CMHC earlier increased their expectations for home prices, sales and housing starts in Canada. Today’s low interest rates continue to be counted on as the driving factor behind the resiliency of the Canadian Real Estate market.