Canadian home sales rise for fourth straight month in July

Canadian home sales rose for a fourth straight month in July and prices edged higher, data from the Canadian Real Estate Association showed on Tuesday.

• Home sales increased 0.5% month-over-month in July.
• Sales were down 5.3% on an annual basis, without seasonal adjustment.
• The industry group's Home Price Index edged up 0.1% on the month, its first increase since November 2024, and was down 3.3% year-over-year.
• Newly listed properties declined 1.6% month-over-month, marking the third straight decline.
• The sales-to-new listings ratio was at 51.3%, moving closer to the long-term average of 54.7%.
• “At the national level, July’s housing data was a carbon copy of the June numbers, with home sales edging up a little further, listings down, and prices remaining stable,” Shaun Cathcart, CREA's senior economist, said in a statement.
• “The more interesting story over the last few months has been below the surface of the headline national numbers, where markets across the country are generally moving back towards balance,” Cathcart said.