Canadian home sales edged up for the fifth consecutive month in August, rising 1.1 per cent from July and notching the best August for sales in four years in what is typically a slow month.

The Canadian Real Estate Association (CREA) said in its latest housing report that on a non-seasonally adjusted basis, national sales were up 1.9 per cent year-over-year in August.  

New supply rose 2.6 per cent month-over-month in August, outpacing the increase in sales and causing the sales-to-new listings ratio to fall for the first time since March.  

Properties listed for sale across all Canadian MLS systems were up 8.8 per cent year over year with 195,453 listings in August, which CREA said is “right in line” with the long-term average for this time of year.  

The non-seasonally adjusted national average sale price was up 1.8 per cent year over year at $664,078.