Canadian home sales elevated 1.3 per cent on a month-over-month foundation in August, although month-to-month activity was down 2.1 per cent from the identical time a yr in the past, the Canadian Real Estate Association stated on Monday.
The affiliation stated {that a} second rate of interest minimize from the Bank of Canada in late July gave one other mild increase to the housing market, but the larger image signifies that persons are nonetheless ready on decrease charges earlier than they purchase properties.
“Despite some fledgling signs of life to kick off the long-awaited monetary policy easing cycle, Canadian housing market activity still looks to be stuck in the same holding pattern it’s been in all year,” stated CREA senior economist Shaun Cathcart.
As charges proceed to return down, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country,” Cathcart went on.
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The variety of newly listed properties ticked up 1.1 per cent month-over-month in August.
The nationwide common home value was $649,100 in August, practically unchanged from the identical interval a yr earlier than.
“Sales volumes remain steady at reasonable levels, new listings are stable and prices are trending flat across most markets,” wrote Bank of Montreal senior economist Robert Kavcic in a word to shoppers.
“To this point, the early stage of the Bank of Canada easing cycle has not triggered a rebound in prices or activity, and we suspect that any such bounce remains a few rate cuts away.”
