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CREB data released on Aug. 2 showed that sales rose 18 percent year-on-year to a total of 2,647 transactions.
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The total unadjusted home price rose to $567,700 from $564,700 in June, and is now more than four percent above the previous peak in May 2022.
As expected for the season, both sales and new listings were down compared to the previous month. Still, the report noted that there was minimal impact on inventories, which remained near the July 2006 record low.
Year-to-date sales are 19 percent down year-on-year, signaling some challenges in the market despite the recent pick-up in activity.
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“Continued immigration to the province, combined with our relative affordability, has supported stronger demand for housing despite higher lending rates,” CREB Chief Economist Ann-Marie Lurie said in the release. “At the same time, we continue to struggle with supply in the resale, new construction and rental markets, which is putting further upward pressure on property prices.”
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