Canadian Home Sales Decline Year-Over-Year in July, Market Shifts Towards Balance

The Canadian Real Estate Association (CREA) reported that national home sales in July decreased by 5.3% compared to the same month last year, with a total of 43,578 units sold. However, on a month-over-month basis, activity saw a 0.5% increase when seasonally adjusted. This trend suggests that markets across Canada are shifting towards a more balanced condition, according to CREA senior economist Shaun Cathcart. The national average sale price for a home in July was $674,819, marking a 0.2% rise from the previous year. New property listings in July experienced a 1.6% decrease compared to June.