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Canadian August existing home sales rose 6.2% compared to 8.0% but that was still enough to send the measure to an all-time record.
Sales rose 33.5% y/y in August as the market plays catch-up after the spring closure. That was coupled with a 1.7% m/m in price and a 9.4% y/y increase.
Total sales were the sixth highest for any month and the highest ever in August. Even with the pandemic, total sales are up 0.8% through the first 8 months of the year.
"Many markets dealing with inventory shortages have been seeing fierce competition among buyers this summer; although, that was something that had been anticipated for 2020 prior to COVID-19. It really does seem that the spring market shifted into the summer," said Costa Poulopoulos, Chair of CREA in the release.
Economists at CREA did note signs of moderating in September along with a 10.6% rise in listings in August.
Still, it's an undoubtedly tight market with just 2.6 months of inventory nationally, the lowest reading on record.
Further Development
Analyzing the current trading chart of Gold, I found that both buyers and sellers got no power for breakout and it is question fo the time when we will have bigger breakout.
Downward targets are set at the price of $1,1865 and $1,820.
1-Day relative strength performance Finviz
Based on the graph above I found that on the top of the list we got Lumber and Cocoa today and on the bottom Lean Hogs and VIX.
Gold is slightly positive but with liquidation flush in the background
Key Levels:
Resistance: $1,990
Support levels: $1,905
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