Existing home sales in Canada crept higher in September, rising by 0.8% from August, and prices continued to rise, according to data from the Canadian Real Estate Association. Sales activity was 18.2% above levels in September 2012, on a non-seasonally adjusted basis, CREA said.
The Multiple Listing Home Price Index, which is weighted to compensate for fluctuations in the composition of sales, rose 3.1% year-over-year in September, it said.
Data on Canada’s housing market are closely watched, with some economists believing it’s headed for a severe correction, and others arguing that multiple tightenings of mortgage rules have slowed the market enough to ensure its stability.
CREA said Tuesday that the housing market has tightened–with the number of newly listed homes declining by 1.4% from August to September–but continues to remain balanced.
The national average sale price rose 8.8% on a year-over-year basis in September, it said.
Source: Wall Street Journal