The anxiously awaited August numbers from the Canadian Real Estate Association (CREA) have finally been reported. The good news is that for the first month since March 2010, national resale housing activity improved, showing a seasonally adjusted 4.1 percent increase from the previous month.
CREA’s Chief Economist, Gregory Klump, summarized it this way “The hangover from accelerated home purchases is likely to persist over the rest of the year. Although economic and job growth are expected to be tepid, they will continue to support housing markets.” (from PropertyWire.ca)
The British Columbia Real Estate Association (BCREA) reports that on a seasonally adjusted basis, MLS® residential unit sales in the province increased 7 per cent in August from July 2010. The average MLS® residential price climbed 4 per cent to $487,804 in August compared to the same month last year.
"August home sales posted the first month-to-month increase since March of this year,” said Cameron Muir, BCREA Chief Economist. “Lower mortgage interest rates and an improving labour market are inducing additional consumer demand." Year-to-date, BC residential sales dollar volume increased 8 per cent to $26.9 billion, compared to the same period last year.