NEWS

Home prices rise as sales remain steady

08/15/2013 09:43 EDT | Updated 10/15/2013 05:12 EDT
National home sales across Canada were “little changed” in July from a month earlier, according to the latest data from the Canadian Real Estate Association.

Sales edged up 0.2 per cent from June to July, CREA said Thursday in its monthly report on market activity, while the number of new homes listed dropped slightly by 0.4 per cent.

And yet sale prices were up a surprising 8.4 per cent year over year, pushing the national average to $382,373.

The report noted the rise in average sale prices year-over-year in specific markets, including:

- Halifax, up 2.3 per cent to $275,046

- Toronto, up 7.6 per cent to $513,246

- Regina, up 4.7 per cent to $311,759

- Vancouver, up 13.5 per cent to $757,338

The report may assuage fears that the hot Canadian housing market is headed for a downturn.

“The numbers for July suggest that national activity is levelling off at what might best be described as average levels,” said CREA chief economist Gregory Klump in a statement.

Sales, not seasonally adjusted, rose in 9.4 per cent above levels in July 2012.

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