Home resales held steady on a monthly basis in August, but increased by 18.5 per cent compared to the same time last year, the Canadian Real Estate Association said Tuesday.

A total of 42,483 homes traded hands across the country through the MLS listing service, the association said.

Housing resales in Vancouver increased by 117 per cent over last year's levels, the CREA said on Tuesday. (CBC)

The annualized gain represents the third consecutive year-over-year gain of more than 15 per cent, and it's the largest year-over-year gain in more than two years.

Sales volumes were up in most major markets across the country, led by a 117 per cent gain in Vancouver.

According to data from the Multiple Listing Service, the national residential average price rose 11.3 per cent from year-ago levels to $324,779.

"A rebound in activity at the higher end of the price spectrum in some of Canada's priciest markets is skewing the national average price upward," the agency said.

The August price average set records in every province except Alberta.

Listings down

The number of new listings posted the eighth consecutive decline from year-ago levels. New residential listings were down 8.9 per cent year-over-year to 64,167 units, the lowest level for the month of August in five years.

Fewer listings coupled with improved demand is drawing down inventories, the agency said. There were 212,227 homes listed for sale in August, down 13.3 per cent from last year's levels.

That was the fourth consecutive year-over-year decline in active listings, and the largest decline in more than six years.