Home sales across Canada in July rose 8.7% from a year earlier, the largest year-over-year increase in more than two years, according to the Canadian Real Estate Association (CREA).
July home sales nationwide totaled 41,186 in July, up nearly 9% from the same month in 2022.
However, sales only rose 0.7% in July from June of this year, said CREA.
July sales rose in more than half of all markets throughout Canada, but a decline in the Greater Toronto Area, the country’s largest housing market, hurt the national sales figure.
The real estate association said Canada’s housing market is stabilizing as buyers acclimatize to a higher interest rate environment.
The average home price in Canada during July was $668,754, up 6.3% from a year earlier. New listings declined 0.2% from a year ago to 73,215.
