Home / Home sales declined by 5.3 per cent in July, back to pre-COVID levels

Home sales declined by 5.3 per cent in July, back to pre-COVID levels

 Home sales declined by 5.3 per cent in July, back to pre-COVID levels

Canada’s housing market continued to cool in July, with the average home price clocking in at $629,971 — a figure that drops by another $104,000 when excluding the Greater Toronto Area and Vancouver markets — as compared to June’s average price of $665,850. 

The volume of home sales also went down, dropping by 5.3 per cent on a month-over-month basis. This marked the smallest decline in sales since housing activity started slowing five months ago, according to a monthly housing statistics report released by the Canadian Real Estate Association (CREA) on Monday. 

The report shows housing activity returning to pre-pandemic levels, and the housing market continuing to stabilize after two pandemic years that set Canadian housing activity ablaze with record-setting sales prices and selling volumes.

That fire was then extinguished when the Bank of Canada hiked interest rates in early 2022, upping mortgage prices and giving…

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