Existing housing sales down 4.1%

Resale housing sales remained strong in August even though they were off record highs in July, says the Canadian Real Estate Association. Seasonally adjusted sales dropped 4.1 per cent in August to 43,257 units from July’s 45,102. Resale housing sales activity was down in most provinces, particularly in Ontario and Quebec.

But the real estate association says sales in August were up 7.7 per cent over sales in the same month of 2006.

The decline may mean the red-hot real estate market is returning to more normal activity levels, CREA says.

Meanwhile, the national average price of a residence rose 11.2 per cent year-over-year in August to $305,823, according to data from CREA’s multiple listing service.