Activity in Canada's housing market has picked up after a trough earlier in the year, but on a national level average prices are still barely higher than they were a year ago.
The Canadian Real Estate Association, which represents 125,000 realtors across the country, said home sales increased by 0.9 per cent in August, the fourth monthly increase in a row after new mortgage rules implemented in January took a big bite out of the market in the first part of the year.
But the monthly sales figure is still four per cent lower than it was a year ago.
"The new stress-test on mortgage applicants implemented earlier this year continues to weigh on national home sales," CREA President Barb Sukkau said in a release. "The degree to which the stress-test continues to sideline home buyers varies depending on location, housing type and price range."
The number of sales every month is inching higher, and so too are prices, on average.