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Ottawa, ON, September 15, 2016 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales declined for a fourth consecutive month in August 2016.

Highlights:

  • National home sales fell 3.1% from July to August.
  • Actual (not seasonally adjusted) activity came in 10.2% above August 2015.
  • The number of newly listed homes declined 2.7% from July to August.
  • The MLS® Home Price Index (HPI) rose 14.7% year-over-year in August.
  • The national average sale price climbed 5.4% in August from one year ago.

The number of homes trading hands via Canadian MLS® Systems fell by 3.1 percent month-over-month in August 2016 – the largest monthly decline since December 2014. Together with declines in each of the three previous months, the slowdown in August places national home sales activity 6.9 percent below the record set in April 2016.

Sales activity was down from levels in the previous month in close to 60 per cent of all markets...

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Ottawa, ON, September 15, 2016 – The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations in 2016 and 2017.

Canadian housing market trends have largely evolved in line with previous expectations over the second quarter of 2016, with the exception of sales activity in British Columbia and Ontario.

Sales in the Lower Mainland of British Columbia have braked more abruptly than anticipated, reflecting buyer uncertainty following the introduction of the new property transfer tax on Metro Vancouver home purchases by foreign buyers. By comparison, transactions in Ontario have held steady in recent months near record levels and have yet to show signs of cooling.

Taking these factors into consideration, sales forecasts have been revised upward for Ontario and downward for British Columbia. These revisions largely offset each other at the national...

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