Canadian Home Sales Slow Further in July
Statistics released today by the Canadian Real Estate Association (CREA) show national home sales slowed further in July 2022.
Highlights
- National home sales fell by 5.3% on a month-over-month basis in July.
- Actual (not seasonally adjusted) monthly activity came in 29.3% below July 2021.
- The number of newly listed properties dropped by 5.3% month-over-month.
- The MLS® Home Price Index (HPI) edged down 1.7% month-over-month but was still up 10.9% year-over-year.
- The actual (not seasonally adjusted) national average sale price posted a 5% year-over-year decline in July.
Home sales recorded over Canadian MLS® Systems fell by 5.3% between June and July 2022. While this was the fifth consecutive month-over-month decline in housing activity, it was also the smallest of the five. (Chart A)
Sales were down in about three-quarters of all local markets, led by the Greater Toronto Area (GTA), Greater Vancouver and the Fraser Valley, Calgary and Edmonton.
The actual (not seasonally adjusted) number of transactions in July 2022 came in 29.3% below that same month last year.
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