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Canadian home sales increased for the fourth consecutive month in July, while home prices recorded their first monthly rise since late 2024, according to data from the Canadian Real Estate Association (CREA). Sales rose 0.5% from the previous month, although they remained 5.3% lower than a year earlier on an unadjusted basis. CREA’s Home Price Index increased 0.1% month-on-month but was still down 3.3% year-on-year. New listings declined for a third straight month, bringing the market closer to its long-term balance between supply and demand.
Canadian home sales continued their gradual recovery in July, with activity rising for the fourth consecutive month, while prices also edged higher, data from CREA showed.
Home sales increased 0.5% month-on-month in July. On an annual basis, sales were down 5.3% without seasonal adjustment, indicating that the market remained below last year's level despite the recent improvement in monthly activity.
CREA’s Home Price Index rose 0.1% from the previous month, marking its first monthly increase since November 2024. However, prices remained 3.3% lower than a year earlier.
Supply also continued to tighten. Newly listed properties declined 1.6% from the previous month, marking the third consecutive monthly fall in new listings. With sales increasing slightly and new listings declining, the sales-to-new-listings ratio rose to 51.3%.
The ratio has moved closer to CREA's long-term average of 54.7%, suggesting that the national market is gradually moving towards a more balanced position between buyers and sellers.
CREA Senior Economist Shaun Cathcart said the national housing figures in July were broadly similar to those recorded in June, with sales increasing marginally, listings falling and prices remaining largely stable. He added that the more notable change in recent months has been visible beneath the national figures, with housing markets across Canada generally moving closer to balance.
The continued rise in sales, combined with fewer new listings, points to a gradual change in market conditions rather than a sharp recovery. The annual decline in sales and prices also shows that Canada's housing market remains weaker than it was a year earlier.
Source Reuters
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