Canadian Home Sales Activity Slows Month-Over-Month in July
Fledgling Canadian Housing Market Momentum Hits Pause in July
On Thursday, the Canadian Real Estate Association (CREA) reported that home sales activity recorded over its MLS® Systems posted a 0.7% decline between June and July. The July decline erased a small portion of June’s post-first rate cut gain.
CREA noted that the monthly changes in sales activity were generally small among the larger centers. Interestingly, declines in Calgary and the Greater Toronto Area were mostly offset by gains in Edmonton and Hamilton-Burlington.
As of the end of July, there were about 183,450 properties listed for sale on all MLS® Systems—up 22.7% year-over-year but still about 10% below historical averages of more than 200,000 for this time of the year. New listings posted a slight 0.9% month-over-month increase, led by a much-needed boost in new supply in Calgary.
There were 4.2 months of inventory on a national basis at the end of July, unchanged from June. The long-term average is about five months.
The actual (not seasonally adjusted) national average home price was $667,317 in July, about 0.2% below July 2023.
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