OTTAWA – Canada’s housing market rebound appears to be slowing amid diminishing increases in national home sales, says the Canadian Real Estate Association.
The organization said on Monday that home sales saw their fourth consecutive increase in August, rising 0.9 per cent month-over-month to 39,366 from 39,028 and coming as roughly half of all local markets saw a month-over-month uptick.
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However, August home sales simultaneously experienced a 3.8 per cent non-seasonally-adjusted year-over-year drop.
CREA attributed the drop to “major declines” in British Columbia real estate and stricter mortgage regulations that came into effect at the start of the year.