Canadian Home Sales Stable in July

OTTAWA – August 16, 2011 – According to statistics released by The Canadian Real Estate Association (CREA), national resale housing activity was stable on a month-to-month basis in July following an uptick in June.
Highlights of the most recent report include:
• Sales activity was stable from June to July, but posted a big year-over-year gain due to weakened demand in July 2010.
• Year-to-date sales continue to run in line with the ten-year average.
• The number of newly listed homes inched up by less than one per cent from June to July.
• The national housing market remains firmly entrenched in balanced territory.
• The national average price posted the largest year-over-year gain since April 2010, but was below where it stood in June.
• Upward skewing of the national average price is diminishing due to fewer expensive sales and a declining share of national activity in Vancouver and Toronto.
National home sales activity held steady in July 2011 compared to the previous month, with just over half of local markets posting month-over-month gains. www.crea.ca.