Average home price declined less than 1% in August when compared to July; however, prices were up 5.3% when compared to August of last year. These gains continued to be skewed by the high levels of activity in Greater Toronto, Calgary, and Vancouver. When these markets are excluded from the calculation, year-over-year price gains are closer to 4%.
Home sales increased 1.8% in August, with a seasonally adjusted 42,295 homes having sold. This was up 4.9% from the same month of the previous year and is the highest number of sales in a single month since January of 2010.
In August, a seasonally adjusted 76,201 homes came on the market, an increase of 3.9% from the same month of the previous year. This translated into a sales-to-new-listing ratio of 55.5% and showed a slight tightening in inventory on a national scale.
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