According to the Canadian Real Estate Association (CREA), the number of homes sold across the country through the MLS System fell 2.1 per cent from August to September, led by declines in Greater Vancouver, Calgary and the Greater Toronto Area (GTA).

“Sales are off the peak reached earlier this year but are still running strong, particularly in British Columbia and Ontario,” said CREA President Pauline Aunger in a press release. “That said, sales strength varies considerably among markets and price segments across Canada.”

“Although national sales activity was not as strong in September as it was earlier this year, a lack of supply in some parts of the country is likely keeping a lid on transactions,” said Gregory Klump, CREA Chief Economist, in a press release. “The GTA and Greater Vancouver made sizeable contributions to the monthly decline in national sales activity. They also rank among the tightest urban housing markets in the country due to a shortage of inventory and supply of land on which to build, which is why prices there continue to grow strongly.”

Actual (not seasonally adjusted) activity increased by 0.7 per cent compared to September of last year. September 2015 saw the second-highest sales on record for the month, just 130 transactions, or 0.3 per cent, shy of the record set in September 2009.

The number of newly-listed homes also fell by 2.1 per cent month-over-month, especially in the Lower Mainland of B.C., Victoria, the GTA, Hamilton-Burlington and Montreal. The national sales-to-new listings ratio sat at 56.8 per cent in September, indicating balanced housing market conditions.

The national average sales price increased by 6.1 per cent over last September, reaching $433,649. Year-over-year price growth increased in September across all benchmark home types, especially for apartment units. When disregarding the Greater Vancouver and Greater Toronto markets, the national average sales price only increased 2.9 per cent year-over-year to a more modest $334,705.