According to statistics released by The Canadian Real Estate Association (CREA), national resale housing activity dropped sharply from July to August 2012.
Highlights:
* Home sales down 5.8% from July to August
* Actual (not seasonally adjusted) activity stood 8.9% below levels in August 2011.
* Number of newly listed homes down 1.7% from July to August.
* Housing market remains firmly in balanced territory at the national level.
* National average home price up 0.3% on a year-over-year basis in August.
* The Composite Aggregate Benchmark home price was up 4% in August, its smallest gain in over a year.
The number of home sales processed through the MLS® Systems of real estate Boards and Associations in Canada fell 5.8 per cent between July and August 2012, marking the largest month-over-month decline since June 2010.
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