National· August 18, 2026 at 01:59 p.m.
Canadian Home Sales Decline Year-Over-Year but Show Signs of Balance
Key takeaways
- Home sales decreased by 5.3% year-over-year
- Sales increased slightly month-over-month
- The average home price in July was $616,759
The Canadian Real Estate Association (CREA) reported a 5.3% decrease in home sales in July compared to the same period last year. However, sales slightly increased month-over-month, indicating a potential move towards market balance.
In terms of figures, CREA stated that 56,052 residential properties were sold last month, down from 58,734 in July 2021.
'While sales activity remains below pre-pandemic levels, the national trend is moving towards a more balanced market,' said Cliff Iverson, CREA's Chief Economist. 'This shift could provide some relief to homebuyers who have faced intense competition in recent years.'
The average price of a home sold in July was $616,759, up 8.4% from the same month last year.
'Despite the slight increase in sales activity, the market remains challenging for many buyers due to high prices and low inventory,' said Iverson.
CREA expects the trend of a more balanced market to continue into the fall, with potential for further improvement as new listings increase.
