Canadian home sales rise in July

Canadian home sales rise in July.

Statistics^[1] released today by The Canadian Real Estate Association (CREA) show national home sales were up in July 2019 compared to June.

Highlights:

• National home sales rose 3.5% month-over-month (m-o-m) in July.
• Actual (not seasonally adjusted) activity was up 12.6% year-over-year (y-o-y).
• The number of newly listed homes edged back 0.4% m-o-m.
• The MLS® Home Price Index (HPI) climbed 0.6% m-o-m and 0.2% y-o-y.
• The actual (not seasonally adjusted) national average sale price was up 3.9% y-o-y.

Home sales recorded via Canadian MLS® Systems rose for the fifth consecutive month in July, putting them about 15% above the six-year low reached in February 2019 but still more than 10% below the highs reached in 2016 and 2017.

Activity advanced in about 60% of all local markets. While the monthly increase was led by Greater Vancouver (GVA) and Greater Toronto (GTA), sales there remain well below levels recorded prior to the mortgage stress test that came into effect in 2018.

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