In a recent analysis on the broker network’s online portal, Dominion Lending Centres chief economist Dr. Sherry Cooper stated that the August numbers from the Canadian Real Estate Association (CREA) revealed a national housing market still performing well below its potential.

The CREA data indicated a slight 1.3% growth in sales last month, which ended four consecutive months of declines. This was mainly driven by a significant 14.3% increase in Greater Toronto Area sales.

Cooper noted that lopsided performance on a national scale was evident in flat sales growth in all other Canadian markets apart from the GTA—and that even Toronto’s recent rally was just the “first monthly rise since the April announcement of the Ontario Fair Housing Policy.”

National activity remained 13.8% below the record set in March 2017. In Ontario, the number of sales remained 36% below the peak (reached in March as well) and 32% below the levels a year ago.

“Actual (not seasonally adjusted) sales activity was down nearly 10% year-over-year in August. Sales were down from year-ago levels in about 60% of all local markets, led by the GTA and surrounding housing markets,” Cooper wrote.

DLC : Canadian Housing Activity Still Not Performing Up to Potential Peak by Ephraim Vecina | Canadian Real Estate Wealth