Canadian Home Sales Surge 26% in July

The Canadian Real Estate Association (CREA) is reporting that pent up demand due to the recent pandemic lockdowns sent home sales soaring in July. CREA reported that transactions for existing properties reached 62,355, up 26%, month-over-month. Low available inventory helped to push benchmark prices 2.3% higher in July as well. Shaun Cathcart, CREA senior economist, said in a statement, “A big part of what we’re seeing right now is the snap back in activity that would have otherwise happened earlier this year.”