TORONTO (Reuters) -Canadian home sales rose for a fifth straight month in August as increased activity in the regions of Montreal, Greater Vancouver and Ottawa offset a decline in the Greater Toronto Area, data from the Canadian Real Estate Association showed on Monday.
Seasonally adjusted sales rose 1.1% last month from July to 43,276 units. That was the best sales figure for the month of August since 2021 and lifted the cumulative increase since March to 12.5%, CREA said.
On an annual basis, without
seasonal adjustment, sales were up 1.9%.
"Activity has continued to gradually pick up steam over the last five months," Shaun Cathcart, CREA's senior economist, said in a statement.
"If last year is any kind of guide, then there is the potential that sales could really pick up in the next month or so depending on how many buyers are drawn off the sidelines, particularly if we see a September rate cut by the Bank of Canada."
The Bank of Canada will cut its overnight rate by a quarter point on September 17 as the labor market deteriorates and economic activity weakens, according to most economists in a Reuters poll. They also expect at least one more cut next quarter.
The industry group's Home Price Index edged 0.1% lower on the month and was down 3.4% annually, while the seasonally unadjusted national average selling price was up 1.8% on the year.
(Reporting by Fergal Smith; Editing by Edmund Klamann)
