National home sales rise as long-awaited boost ’seems to have finally arrived’: CREA
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The Canadian Real Estate Association says home sales in July rose 6.6 per cent compared with a year ago, continuing an upward trend after the market had slowed in previous months.
Home sales rose 3.8 per cent on a month-over-month basis from June, with transactions up a cumulative 11.2 per cent since March.
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CREA senior economist Shaun Cathcart says “the long-anticipated post-inflation crisis pickup in housing seems to have finally arrived,” adding the association plans to monitor how buyers react to the “burst of new supply that typically shows up in the first half of September.”
The association says new listings were up 0.1 per cent month-over-month.
There were 202,500 properties listed for sale across Canada at the end of July, up 10.1 per cent from a year earlier and in line with the long-term average for that time of the year.
The actual national average sale price of a home sold in July was $672,784, up 0.6 per cent from a year ago.
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