Canada's national resale housing activity picked up 2.7% in September, according to new data released by the Canadian Real Estate Association (CREA).
According to CREA, national sales activity came in 11% above levels in September 2010. The national sales-to-new listings ratio stood at 52.8% in September, up from 51.6% in August.
The national average price for homes sold in September stood at just under C$352,600 – up 6.5% from September 2010 – which represents the smallest year-over-year increase since January. The number of months of inventory stood at 6.1 months at the end of September on a national basis, little changed from August's level of 6.2 months.
‘Canada's housing market remains stable amid continuing financial market volatility, contributing to Canadians' confidence in the economy and providing support for Canadian economic growth,’ says Gregory Klump, CREA's chief economist. ‘Interest rates are expected to remain low for longer, and evidence suggests that recent changes to mortgage regulations are preventing the kind of excesses they were designed to avert. Both of these developments are good news for the housing market.’