July witnessed a decline in home sales compared to the previous year, but there was a slight increase on a monthly basis, as per the latest report by the Canadian Real Estate Association (CREA). A total of 43,578 home sales were recorded last month, marking a 5.3% decrease from the same period last year. However, when adjusted for seasonal variations, the activity saw a 0.5% uptick compared to June 2026.
CREA’s senior economist, Shaun Cathcart, noted that beneath the overall national figures, real estate markets across the country are gradually moving towards a more balanced state. The average selling price of a home in July stood at $674,819, showing a modest 0.2% increase year-over-year.
The CREA also highlighted a 1.6% decrease in new listings for July compared to the previous month, indicating a potential shift in market dynamics.