The Canadian Real Estate Association says there were fewer housing resales nationally in July for the second consecutive month, but the number of transactions remained near the highest levels in several years and prices continued to climb.
Overall, CREA says most of the strength in sales in July was focused on Vancouver, Toronto and their surrounding markets.
Last month’s decline was largely because of a slight downturn in the Hamilton-Burlington and Durham region areas of southern Ontario after they hit record levels in June, the association said Friday.
Sales in Calgary were down from July 2014, but remained in line with long-term averages, it said.
The national average price for homes of all types sold in July was $437,699 — up 8.9 per cent from the same month last year — although CREA pointed out that the numbers were skewed by Vancouver, Toronto and surrounding areas, particularly B.C.’s Lower Mainland.
“These remain the only places in Canada where home prices are growing strongly,” CREA economist Gregory Klump said.
Excluding Greater Vancouver and Greater Toronto, the country’s two most expensive real estate markets, the average home price would be $341.438 and the year-over-year gain 4.1 per cent.
The association’s price index was up 5.9 per cent from July 2014, accelerating from a 5.4 per cent increase in June.
Among the markets that saw below-average gains in average prices were Greater Montreal, up 1.7 per cent from July 2104 to $304,900 and Calgary, up 0.14 per cent to $451,400.
Two markets showed a lower average price: Greater Moncton down 1.41 per cent to $149,800 and Regina, down 3.29 per cent to $281,600.