July Market Snapshot: Canadian Home Sales Continue to Normalize
The housing market is slowly getting back to pre-pandemic levels, as national home sales and new listings fell again in July.
Home sales were down 15.2% on a year-over-year basis and down 3.5% on a month-over-month basis from June to July this year.
The overall inventory of homes for sale continues to sit at an extremely low level with just 2.3 months of inventory on a national level. The number of newly listed properties dropped by 8.8% from June to July. The competitive housing markets we’re seeing now are a result of the demand-supply crunch.
While sales have been declining since March 2021, those monthly declines have been getting smaller and activity looks like it may be stabilizing. In fact, there are markets where demand-supply conditions appear to be tightening back up again and there are segments of certain markets where prices look like they are starting to re-accelerate.
Click on the link below to gain a better understanding of prices and sales activity across Canada.