A new report from the Canadian Real Estate Association (CREA) has discovered that home sales were down month-over-month in June and July.
The declines in home sales are have been getting less and less significant since March 2021, but in total, since the March peak, the market is down 28 percent. Still, compared to historical data, the housing market is still quite active, according to the CREA.
“The slowdown we’ve seen in home sales over the last few months has not been surprising, given that the level of activity we were seeing back in March was unsustainable,” said Shaun Cathcart, CREA’s Senior Economist in a press release. ”
The report even states that the number of new homes listed for sale in Canada dropped 8.8 percent just between June and July. Hopefully, the market can drop a bit more to get back to normal levels by the end of the year.
“While the moderation of sales activity continues to capture most of the headlines these days, it’s record-low inventories that should be our focus,” said Cliff Stevenson, Chair of the CREA.
Beyond all that, the report also mentions that the national average home price is $662,000, which is 15 percent more than in July of 2020. That being said, if you remove Vancouver and Toronto from this average, the price drops to $530,000.