Canadian Home Sales Rise in July

The Canadian Real Estate Association (CREA) reported that home sales rose 6.6 per cent in July from a year earlier, continuing an upward trend after the market had slowed in recent months.

Home sales rose 3.8 per cent from June and are up 11.2 per cent overall since March.

“It looks like the long-awaited post-inflationary housing boom is finally here,” said Sean Cathcart, CREA’s chief economist. He added that the association plans to monitor how buyers react to “the surge in new supply that usually appears in the first half of September.”

CREA also reported that the number of new homes for sale rose 0.1 per cent from the previous month.

At the end of July, there were 202,500 properties listed for sale across Canada, up 10.1 per cent from a year ago and in line with the long-term average for the season.

The median actual home sales price in July was reported at $672,784, up 0.6 percent from a year ago.

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