Sales activity in the residential real estate market in Canada held steady last month and has seen considerable year on year growth, according to the latest report from the Canadian Real Estate Association (CREA).

Year to date sales pulled ahead of 2010 levels for the first time this year and remain in line with the ten year average and the national housing market remained firmly entrenched in balanced territory, CREA said.

The latest report also reveals that there were more balanced local markets in August than at any other time on record and the national average price posted another yea on year gain in August, but has moderated from elevated levels earlier this year.

However, upward skewing of the national average price is diminishing due to fewer expensive sales and a declining share of national activity in Vancouver and Toronto.