Canada home prices edge up on month on Toronto strength

Canada’s average resale home price fell 3.9% from a year ago in August but was up 1.2% on the month as the market appeared to stabilize in the Greater Toronto Area, data from the Canadian Real Estate Association showed on Thursday.

The national average selling price edged up to C$637,673 ($484,186) in August from C$629,971 in July, though prices are 21.9% below February’s peak. CREA’s home price index edged down 1.6% on the month but was still up 7.1% annually.

($1 = 1.3170 Canadian dollars)