Canada Existing Home Sales in July Slowest in 5 Months
Canadian existing home sales recorded their smallest gain in five months in July as real estate markets in Montreal and Ottawa weakened.
Unit home sales rose 0.2 percent during the month, the Canadian Real Estate Association said in a statement today, down from a 3.3 percent pace in June and 3.6 percent in May.
“The numbers for July suggest that national activity is leveling off at what might best be described as average levels,” Gregory Klump, the group’s chief economist, said in the statement.
Canada’s housing market has defied expectations of a hard landing after some analysts and policy makers warned of a bubble in some areas. Today’s data show the country’s two largest real estate markets -- Toronto and Vancouver -- remain buoyant, recording gains of 4 percent and 11 percent, respectively.
From a year earlier, sales in Canada rose 9.4 percent, the realtor association said. Average sales prices increased 1.9 percent from June and 8.4 percent from a year earlier.
There are some signs of weakness. The value of building permits issued by municipalities fell 10.3 percent to C$6.65 billion ($6.43 billion), the lowest since March, Statistics Canada said in an Aug. 7 report.
Unit sales fell 2.4 percent in Montreal and 4.2 percent in Ottawa, CREA said today. Both markets recorded declines from a year earlier.
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