The sale of Canadian home increased by 6.6% in July compared to the same time last year

The Canadian Real Estate Association (CREA) says that the sale of houses in July increased by 6.6 percent compared to a year ago, which continued an upward trend after the market was delayed in the previous months.

A total of 45,973 houses changed owner last month, an increase of 43,122 in July 2024.

Housing sales rose by 3.8 percent on a monthly basis from June, with transactions a cumulative 11.2 percent since March.

“With the sale of a fourth consecutive increase in July, and almost four percent, the long-awaited pick-up after inflation in homes seems to have finally arrived,” said Crea senior economist Shaun Cathcart in a press release.

“Looking a bit ahead, it will be interesting to see how buyers react to the eruption of new offer that usually appears in the first half of September.”

The association said that the bump in sales activity was overwhelmingly led by the Greater Toronto area, where transactions have now returned since March by a cumulative 35.5 percent.

TD economist Rishi Sondhi said: “Question was temporarily returned earlier in the year to the markets with some force last month.”

“Indeed, it seems that the sales repair should have taken place earlier in the year after a significant (interest) rate lighting in 2024 was easily delayed for a few months,” he said in a note.

“Any reduction in economic uncertainty should return more buyers in BC and Ontario, while further Bank of Canada Rate exemption could offer a modest stimulans in half of the year. However, the barriers remain, as stretched affordability in different provinces and a weaker labor market.”

Housing market ‘Stable’ until the summer: Economist

In the meantime, new entries increased by 0.1 percent month-over-month.

At the end of July 202,500 were sets for sale in Canada, an increase of 10.1 percent compared to a year earlier and in line with the long -term average for that time of the year.

The non-seasons adapted national average selling price of a home sold in July amounted to $ 672,784, an increase of 0.6 percent compared to a year ago.

Crea’s own home price index, which aims to represent the sale of typical houses, was unchanged between June and July 2025.

BMO -Senior economist Robert Kavcic said that the housing market looked “very balanced and stable” in the summer, with considerable regional variation persistent.

“At the national level, sales have steadily back to standards in the longer term, the inventory has been increased but not overly satiating the market and the prices are effective,” he said in a note.

“In markets where price corrections are underway, we seem to be getting closer to levels that some buyers get out of the sidelines.”