Canada’s housing market extended its recovery in July, with home sales rising for a fourth consecutive month while prices recorded their first monthly increase since November 2024.
Home sales rose 0.5% from June, extending the recent improvement in national market activity. However, sales remained below last year’s level, declining 5.3% year on year on an unadjusted basis.
The Canadian Real Estate Association’s Home Price Index increased 0.1% from June, marking its first monthly gain since November 2024. Despite the increase, prices remained 3.3% below their level a year earlier.
Newly listed properties fell 1.6% month on month, marking their third consecutive monthly decline as the balance between available properties and buyer demand moved closer to historical norms.
The national sales to new-listings ratio stood at 51.3%, moving closer to its long-term average of 54.7%.
CREA senior economist Shaun Cathcart said July’s national housing figures were broadly similar to those recorded in June, with sales edging higher, new listings declining and prices remaining relatively stable.
Cathcart said the more notable changes were occurring beneath the national figures, as housing markets across Canada continued to move toward more balanced conditions.
The latest figures point to a gradual stabilization in Canada’s housing market, although annual sales and prices remain below their levels from a year earlier.
Goodness Anunobi
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