Canada real estate remains stable

Real estate in Canada is remaining stable, according to the latest figures.

The Canadian Real Estate Association's report found that resale activity was steady in July, with prices lower than their recent highs in both Greater Vancouver and Greater Toronto but still above 2011 levels.

Across the country, areas such as Kingston, Chilliwack and Calgary saw activity increase, reports Property Wire, while Toronto, Newfoundland and Labrador all saw sales decline. Overall, though, activity increased by an average of 3.3 per cent compared to July 2011.

Prices jumped the highest in Greater Toronto and Calgary, with values up by 7.1 per cent and 6 per cent in the last 12 months respectively. Price rises slowed down compared to previous months in all areas except Calgary, but the CREA remains optimistic that the market is stable thanks to consistent sales and fewer new listings.