Sales of existing homes rose month-to-month in August for the first time since March, according to the Canadian Real Estate Association.
There were about 32,800 transactions in August, up 4.1 per cent from July on a seasonally adjusted basis. But units sold were down 22 per cent from 42,350 units in August 2009.
The average price of homes sold through the Multiple Listing Service last month was $324,928, which is not far off from the average price of $324,843 in August 2009. Yet the number of new listings for this August was more than double the number of sales.
This means it would take almost seven months for all listings to be sold at the current pace