Home resales edge up in August

OTTAWA — Sales of existing Canadian homes rose by 0.9% in August, according to new data from the Canadian Real Estate Association, marking a fourth consecutive monthly gain. However, sales activity is still running below levels in most other months going back to early 2014. Roughly half of all local markets recorded an increase in sales from July to August, led again by the Greater Toronto Area (GTA), along with gains in Montreal and Edmonton. Actual (not seasonally adjusted) activity was down 3.8% y-o-y in August, due mainly to declines in major urban centres in British Columbia.