The indomitable Vancouver and Toronto markets continue to drive housing price gains, evidence of inventory challenges that continue to plague key markets.
The national average price for homes sold in September was $433,649, up 6.1% year-over-year.
The average price continues to be driven by gains in Vancouver and Toronto, the country’s hottest markets, according to CREA.
“If these two markets are excluded from calculations, the average is a more modest $334,705 and the year-over-year gain is reduced to 2.9 per cent.”
National home sales declined by 2.1% from August to September, as the cooling fall market officially kicks off.
“Sales are off the peak reached earlier this year but are still running strong, particularly in British Columbia and Ontario,” said CREA president Pauline Aunger. “That said, sales strength varies considerably among markets and price segments across Canada.”
Newly listed homes fell 2.1% from August to September as well.
Year-over-year, however, sales ticked up 0.7%.
“Although national sales activity was not as strong in September as it was earlier this year, a lack of supply in some parts of the country is likely keeping a lid on transactions,” Gregory Klump, CREA’s chief economist said in a release. “The GTA and Greater Vancouver made sizeable contributions to the monthly decline in national sales activity. They also rank among the tightest urban housing markets in the country due to a shortage of inventory and supply of land on which to build, which is why prices there continue to grow strongly.”