Canadian home sales continue to rise, prices steady in most markets

OTTAWA -- The boom in Canada's housing market continued in August with sales of existing homes edging up 0.3 per cent month over month and holding at levels not far off the five-year high reached in May, according to the Canadian Real Estate Association.

In its latest survey released Tuesday, CREA says sales of existing homes were little changed from July in all local markets, with an even split between those posting increases and those showing declines.

On a full-year basis, actual sales were up four per cent compared with August 2014 and were 6.6 per cent above the 10-year average for the month of the month.

"August marked the fourth month in a row for strong and stable national sales activity," CREA president Pauline Aunger said in the report.

Prices continued to rise in Ontario and B.C. "where listings are either in short supply or heading in that direction," said CREA chief economist Gregory Klump, who noted that the month also provided "early evidence that modest price growth is re-emerging in some markets in Quebec and New Brunswick."

Klump added that enduring low interest rates continued to boost home sales and were "likely to keep doing so for some time."

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