Canadian Mortgage Broker News - National housing activity rises: CREA

National housing activity rises: CREA

National housing activity rose for the third straight month, elevating the number of sales above the lows of July by nearly 15 per cent, according to the Canadian Real Estate Association (CREA).

Seasonally adjusted home sales activity climbed 4.6 per cent in October, building on similar gains made in August and September.

According to CREA, three quarters of local markets registered monthly increases in sales, led by Toronto and Vancouver.

“The continuation of low interest rates is supporting sales activity, which has been improving over the past few months in a number of major markets including Vancouver,” CREA’s President Georges Pahud said in a news release published on Nov. 15. “National housing market trends are improving, but local market trends can differ significantly.”

The number of new residential listings on Multiple Listing Service edged up in October, increasing by 1.3 per cent on a seasonally adjusted basis. Still, new listings remain 14 per cent below the recent peak reached in April 2010.

The national average residential price also edged in October to $343,747, just 1 per cent higher compared to one year ago. October marks the fourth consecutive month during which the average price roughly reflected levels experienced a year ago.