In a report from Teranet, the Teranet-National Bank National Composite House Price Index increased to an all-time high in August.

"Though this was an acceleration from July, the 12-month gains in the five months ending in August were the smallest since November 2009," said the report.

Home sales in Canada increased 2.8 per cent between July and August of this year.

The Canadian Real Estate Association (CREA) reported the number of local markets where sales improved on a month-over-month basis ran roughly even with those where activity edged lower in August, with increases in major urban centres tipping the balance.