Home sales grow in August, prices remain flat in sign of housing market health
By Sunny Freeman, The Canadian Press
TORONTO - Home sales rose
in August on a monthly basis for the first time since March but prices
remained flat - signs of health in Canada's real estate market that
should deflate fears of a housing bubble.
There were about 32,800 transactions in August, up 4.1 per cent from
July on a seasonally adjusted basis, the Canadian Real Estate
Association said in a report Wednesday.
However, the number of units sold was down 22 per cent from 42,350
units in August 2009.
"High sales activity late last year and earlier this year borrowed
from sales this summer and will continue do so over the coming months,"
Gregory Klump, CREA's chief economist said in the report.
"This makes the return to more normal levels of sales activity look
like a steep downward trend."
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