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Canadian home sales continue to rebound from 6-year low in February

Home sales in Canada hit a six-year low in February, but they’ve rebounded nicely over the last few months.

For the fifth consecutive month, home sales rose in July and they’re now 15% above February’s low point.

However, they’re still 10% below the highs reached in 2016 and 2017.

It was a 3.5% month-over-month increase between June and July, and a 12.6% year-over-year increase from July 2018 to 2019.

Activity increased in around 60% of all local markets, led by the Greater Vancouver and Greater Toronto areas.

“Sales are starting to rebound in places where they dropped when the mortgage stress test took effect at the beginning of 2018,” said Gregory Klump, the CREA’s chief economist.

Over the last year, the national average sale price is up 3.9%.

However, looking solely at BC in that time, prices are down 9.4% in Greater Vancouver and 6.7% Fraser Valley, while the Okanagan saw a small dip of 0.9%.

Prices in Victoria have increased by 1.2%, while the rest of Vancouver Island has also had a productive year with a 3.4% increase.



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