After a seasonally uncharacteristic spring and summer slump, Canadian home sales appear to be stabilizing at a new lower, but more sustainable, level. National MLS sales volumes increased 3% m/m in September, building on a similar gain in August. Sales activity is still down almost 20% y/y, but the decline is accentuated by last August’s record monthly sales pace. Two-thirds of local markets reported higher sales last month.
Source: Adrienne Warren, Scotia Economic Research, Global Trends, October 15, 2010