According
to statistics released by The Canadian Real Estate Association (CREA), national
home sales activity increased almost one per cent in July
2014 from the previous month, marking the sixth consecutive monthly
increase and the highest level for sales since March 2010.
For
the year-to-date, sales activity is up 4.7 per cent compared to the first seven
months of 2013 and in line with the 10-year average for the period.
Two-storey
single family homes continued to post the biggest year-over-year price gains
(+6.32 per cent), followed closely by one-storey single family homes (+5.47 per
cent) and townhouse/row units (+5.33 per cent). Price growth for apartment
units was comparatively more modest (+3.18 per cent).
The
actual (not seasonally adjusted) national average price for homes sold in July 2014 was $401,585, up
five per cent from the same month last year.
The
national average price continues to be skewed upward by sales activity in Greater Vancouver and Greater
Toronto, which are among Canada's largest
and most expensive housing markets. Excluding these two markets from the
calculation, the average price is a relatively more modest $327,988 and the year-over-year increase shrinks to four
per cent.
