Sales climb for fourth consecutive month
Home sales recorded through Canadian MLS® Systems rose 3.8% month over month in July. Since March, national transactions have increased a total of 11.2%, with the Greater Toronto Area leading the charge. The GTA’s rebound has been especially striking, with sales surging 35.5% since March, even though activity is still below typical levels.
“With sales posting a fourth consecutive increase in July, and almost 4% at that, the long-anticipated post-inflation crisis pickup in housing seems to have finally arrived,” said Shaun Cathcart, CREA’s senior economist, in the report. “Looking ahead a little bit, it will be interesting to see how buyers react to the burst of new supply that typically shows up in the first half of September.”
Price trends remain stable
The national average sale price edged up 0.6% compared to July 2024, while the National Composite MLS® Home Price Index (HPI) was unchanged from June to July. Year over year, the HPI fell 3.4%, a smaller decline than in June, suggesting price drops are moderating.
New listings and market balance
New supply in July was virtually unchanged from June (+0.1%). With sales picking up, the national sales-to-new listings ratio rose to 52%, up from 50.1% in June and 47.4% in May. This reading remains within the 45–65% range typically associated with balanced market conditions.
At the end of July, 202,500 properties were listed for sale across the country, 10.1% higher than a year ago and right in line with the long-term average for this time of year. Nationally, there were 4.4 months of inventory available, still below the long-term average of five months. This tightening suggests conditions could lean toward sellers if the trend continues.
“Activity continues to pick up through the transition from the spring to the summer market, which is the opposite of a normal year, but this has not been a normal year,” said Valérie Paquin, CREA Chair. “Typically, we see a burst of new listings right at the beginning of September to kick off the fall market, but it seems like buyers are increasingly returning to the market.”
