Hot August for home sales
Canada’s housing market has yet to take its summer vacation. August numbers from the Canadian Real Estate Association show sales rose 33.5% compared to a year ago and were up more than 6% from July’s record setting pace. Nearly 59,000 properties changed hands last month, making it the busiest August ever. Prices took a hike in August as well. The national average rose 18.5% year-over-year to $586,000. As usual, Toronto and Vancouver had an outsized influence on the number. When those two markets are factored out the national average price drops to $464,000, up 18% year-over-year. CREA’s Home Price Index, which compensates for anomalies like Vancouver and Toronto, posted a 9.4% y-o-y increase. The sales-to-new-listings ratio improved slightly in August, easing to 69% from more [...]