National home sales jumped 0.8 per cent from June to July of this year and 7.2 per cent year-over-year.
“On the surface, national sales activity in July was similar to what we saw in May and June,” CREA President Beth Crosbie said. “That said July sales picked up in markets that struggled to gain traction in the spring, while activity eased slightly in some of Canada’s largest urban markets.”
Overall, seven provinces and one territory experienced positive year-over-year growth in home sales; led by Northwest Territories (+ 66.7), British Columbia (+ 11.0), Ontario: (+ 9.6) and New Brunswick (+8.5)
Alberta (+ 5.0), Manitoba (+ 4.6), Quebec (+ 3.1), and Nova Scotia
(+ 1.1) also saw year-over-year sales growth. Meanwhile, Newfoundland and Labrador (-3.4), Prince Edward Island (-6.6), Saskatchewan (-8.2), and Yukon (-28.1) experienced negative year-over-year sales gains.
Overall, the mid-summer boom continued for most of Canada, with the country enjoying a 7.2 per cent year over year hike in sales.
And the positive sales growth is expected to continue according to CREA, whose economists believe will be urged by continued low interest rates.
“Low mortgage interest rates continue to bolster home sales activity,” said Gregory Klump, CREA’s Chief Economist. “With the Bank of Canada widely expected to hold interest rates steady until next year, mortgage financing will remain attractive over the second half 2014 and continue to support Canadian economic growth while waiting for Canadian exports and investment to improve.”
According to CREA’s monthly national statistics sales edged up less than one per cent from June to July of this year, continuing a trend seen since the beginning of summer.