Home sales growth continues in Canada, latest real estate index shows

Residential property sales increased by 3.5% month on month in July and are now up 12.6% compared to the same month in 2018, the latest national real estate index shows. Meanwhile, prices increased by 3.9% to $499,000 compared with July 2018, according to the figures from the Canadian Real Estate Association (CREA). The index report points out that the national average price is heavily skewed by sales in the Greater Vancouver Area and the Greater Toronto Area, two of Canada’s most active and expensive housing markets. Excluding these two markets cuts the national average price to $393,000.