Canadian home sales rose 6.6% in July compared to same time last year

The Canadian Real Estate Association (CREA) 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.

“The long-anticipated post-inflation crisis pickup in housing seems to have finally arrived,” said CREA senior economist Shaun Cathcart, 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.”

CREA 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 non-seasonally adjusted national average sale price of a home sold in July was $672,784, up 0.6 per cent from a year ago.