CREA reports home sales in September up 15.5% from year ago

CREA reports home sales in September up 15.5% from year ago

Home sales through the Canadian Multiple Listing Service were up 0.6 per cent month over month

Home sales in Canada’s big cities continued a rebound in September with a 15.5 per cent increase in sales compared with a year ago, according to the Canadian Real Estate Association.

The association said Tuesday that sales compared with a year ago were up in Canada’s large urban markets, including B.C.’s Lower Mainland, Calgary, Edmonton, Winnipeg, the Greater Toronto Area, Hamilton-Burlington, Ottawa and Montreal, while data showed markets were still in balanced territory.

“Home sales activity and prices are improving after having weakened significantly in a number of housing markets,” said CREA chief economist Gregory Klump in a statement.

“How long the current rebound continues depends on economic growth, which is being subdued by trade and business investment uncertainties.”

On a month-over-month basis, home sales through the Canadian Multiple Listing Service were up 0.6 per cent in September.

Higher home sales in September was a continuation of a rebound from a six-year low hit in February. Sales started to pick up in March after mortgage rates started to fall, said BMO senior economist Robert Kavcic.

“The winning streak for Canadian existing home sales continued in September…that marks an impressive seventh consecutive monthly gain, leaving the level of activity comfortably above the 10-year average.”

ALSO READ: Vancouver’s luxury real estate market to get a boost, forecast says

The five-year fixed mortgage rate has declined by about one percentage point to slightly below 2.5 per cent, a drop Kavcic said was significant from an affordability perspective but not likely to drop much further for now.

The increase in sales, combined with a small decline in new supply, pushed the sales-to-new listings ratio to 61.3 per cent, well above the long-term average of 53.6 per cent to favour sellers, but still considered balanced.

The home inventory, which shows how long it would take to liquidate inventories at current sales levels, also shifted to further favour sellers while still remaining in what’s considered a balanced market.

The national average price for homes sold in September 2019 was about $515,500, up 5.3 per cent from the same month last year.

Excluding the Greater Vancouver and Greater Toronto regions, the average price was less than $397,000 and amounting to a year-over-year gain of 3.3 per cent

The national benchmark home price index, designed to exclude homes on the high and low end of the market to more represent a typical home, had a year over year price increase of a more modest 1.3 per cent.

Benchmark home prices in Greater Vancouver were down the most from a year ago after a 7.3 per cent decline. The Greater Toronto area saw the benchmark price climb five per cent, while Ottawa saw the biggest gains reported at 9.6 per cent from a year ago.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Photo submitted.
Kelowna orders sushi more than any other food, according to Skip the Dishes report

Momo Sushi on Bernard Avenue is Kelowna’s favourite independent restaurant for take-out

Vivid Tours is launching its 12 Days of Kindness Campaign in support of family organizations in Kelowna, B.C. (Contributed)
Kelowna’s Vivid Tours gives back to the community this holiday season

The wine and beer tour company is raising $15,000 for three non-profit organizations

(Phil McLachlan - Capital News)
The Christmas tree at Rutland’s Roxby Plaza stands tall in the sun on Dec. 1. It’s a sign that the holidays are just around the corner. (Phil McLachlan - Capital News)
Christmas arrives in Rutland

The Christmas tree in Roxby Square is now lit up for everyone to enjoy

The scene of a serious crash on Highway 33 in Kelowna that killed one and severely injured two others on June 20, 2018. (File)
Trial begins for driver accused of fatal 2018 Highway 33 crash in Kelowna

An officer who pursued the vehicle said he saw the occupants of the car ejected upon impact

Jessie Simpson’s mother is asking for Christmas cards to cheer her son up this holiday season. (Sue Simpson - Facebook)
Kamloops mom asking for Christmas cards for son severely injured in a 2016 assault

Jessie Simpson was beaten with a baseball bat in 2016 and now lives in a long-term care facility

A B.C. Ambulance Service paramedic wearing a face mask to curb the spread of COVID-19 moves a stretcher outside an ambulance at Royal Columbia Hospital, in New Westminster, B.C., on Sunday, November 29, 2020. THE CANADIAN PRESS/Darryl Dyck
B.C. records deadliest weekend of COVID-19 pandemic with 46 deaths; more than 2,300 cases

Provincial health officer Dr. Bonnie Henry provides COVID-19 update

Grapevine Optical was the victim of an early morning break and enter Wednesday, Nov. 26, 2020. (Crime Stoppers Okanagan / Facebook)
Collection of designer sunglasses stolen from South Okanagan eye-wear shop

Crime Stoppers is seeking the identity of two male suspects

By this time next year, the BC Green Pharmadeuticals cannabis growing facility in Princeton is expected to employ at least 150 people, according to the owner. (File photo)
Princeton cannabis plant thriving despite lawsuit and bad press, says owner

Company expects to hire 30 more employees in the next two months

Interior Health said its new toll-free line will help people connect to health-care services. (File)
Interior Health expands toll-free line to improve access to community care

By calling1-800-707-8550, people can be connected to several health-care services

THE CANADIAN PRESS/Nathan Denette
B.C. researchers launch study to test kids, young adults for COVID-19 antibodies

Kids and youth can often be asymptomatic carriers of the novel coronavirus

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

A sign is seen this past summer outside the Yunesit’in Government office west of Williams Lake reminding visitors and members to stay safe amid the COVID-19 pandemic. (Rebecca Dyok photo)
B.C. First Nation leaders await privacy commissioner decision on COVID-19 information

Release of life-saving data cannot wait, says coalition of First Nations

Most Read