National Home Sales Continue Slide

Home sales across Canada fell by 5.3 per cent in July compared with June while actual (not seasonally adjusted) monthly activity came in 29.3 per cent below July 2021, says the Canadian Real Estate Association (CREA). The number of newly listed properties also dropped, down 5.3 per cent month-over-month. Sales were down in about three-quarters of all local markets, led by the Greater Toronto, ON, Area (GTA); Greater Vancouver and the Fraser Valley, BC; and Calgary and Edmonton, AB. “July saw a continuation of the trends we've been watching unfold for a few months now; sales winding down and prices easing in some relatively more expensive parts of the country as well as places where prices rose most over the past two years,” says Jill Oudil, chair of CREA. “That said, the demand that was so strong just a few months ago has not gone away, but some buyers will likely stay on the sidelines until they see what happens with borrowing costs and prices. As they re-enter the market, they'll find a bit more selection, but not as much as might be expected.”