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Property sales increase in Canada for first time in 2018 but still at five year low

July 17, 2018 / Propertywire

Residential property sales in Canada increased in June compared with the previous month but are still well down on a year ago while prices also fell on an annual basis, the latest index shows. Overall sales increased by 4.1% from May to June but activity is down 10.7% from June 2017, according to the data from the Canadian Real Estate Association (CREA). It is the first time that sales have increased month on month this year, but transactions are still significantly down from monthly levels recorded over the last five years. The figures also show that the national average price decreased by 1.3% year on year to $496,000. However, the national average price is heavily skewed by sales in the Greater Vancouver and GTA, two of Canada’s most active and expensive markets. Excluding these two markets from calculations cuts almost $107,000 from the national average price, trimming it to just over $389,000.