Canadian home sales climb for fourth consecutive month
· Toronto Sun
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Home sales are ticking up again.
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The number of homes sold on Canadian MLS systems went up half a per cent on a month-over-month basis in July, marking the fourth month in a row of gains, according to the Canadian Real Estate Association ( CREA ).
Return to balance
As home sales climbed, listings continued to tighten up. New listings declined by 1.6% on a month-over-month basis, the third drop in a row. The sales-to-new-listing ratio also tightened to 51.3% from 50.2%.
It’s all part of the market coming back into balance, says Garry Bhaura, CREA chair and that the cooldown of the buyer’s market might actually help house shoppers in the long run.
“The ongoing shift towards a more normal balance between supply and demand in so many markets across Canada is good news for buyers, whether that means not having to worry about your new home falling in value, or not feeling pressured to make a decision due to competing offers,” said Garry Bhaura, CREA Chair. “No matter where you are in Canada, more moderate housing market conditions can be expected to continue to bring buyers off the sidelines going forward.”
Housing markets in the Prairies, Quebec and the East Coast have shifted from sellers’ markets, according to CREA senior economist Shaun Cathcart . More recently, the hottest housing markets — B.C.’s Lower Mainland and Ontario’s Golden Horseshoe — have moved from buyers’ markets back into balance.
Inventory holding
There were 205,388 properties listed for sales across Canadian MLS Systems by the end of July, only up 0.6% from a year earlier and 1.5% above the long-term seasonal average. Inventory has held close to that level for more than a year now, CREA said.
Months of inventory came in at 4.7 across the country — 2026’s lowest reading so far, and just under a long-term average of 5 months. CREA defines a seller’s market as below 3.6 months of inventory, and a buyer’s market as above 6.4.