OTTAWA: Home sales in Canada slipped in August by nearly 10%, according to a report Friday, putting the nation on track for a 5.3% decline for the year.
Canadian Real Estate Association said in the report that the actual sales in August, not seasonally adjusted, were down 9.9% year to year. Sales in nearly two-thirds of all local markets declined, led by the Greater Toronto Area and nearby housing markets. However, the average price for a home sold in August was C$472,247 (US$387,071), up 3.6% compared to a year ago, which is heavily skewed by sales in Greater Vancouver and Greater Toronto area. Excluding these two most expensive markets from calculations, the national average price would be down to C$373,859 (US$306,429). The Bank of Canada announced on Sept. 6 that it would further raise its overnight lending rate from 0.75% to 1%.
