Canada edging towards a sellers market, according to real estate agents

Average residential property prices in Canada have increased 4.6% year on year last month, the smallest increase since January, according to the statistics from the Canadian Real Estate Association (CREA).

But national resale housing activity rose slightly in November from the previous month and the real estate market remains balanced but is edging closer to a sellers market, the report also shows.

Sales activity edged upward by 0.5%, the third straight month in which national activity was up from the previous month’s levels. Activity rose in about 60% of all local markets with a record November in the Halifax-Dartmouth region offsetting a dip in sales in Toronto.

‘The Canadian housing market is proving resilient in the face of ongoing global economic and financial uncertainty, to the benefit of Canadian economic growth,’ said Gary Morse, CREA’s president.

Source:  PropertyWire.com