Canadian home sales dipped by 0.7 per cent in July from the month before,┬аthe Canadian Real Estate Association┬аsaid on Thursday.
But monthly sales activity was 4.8 per cent higher than it was during the same period a year earlier.
The number of newly listed properties increased 0.9 per cent month over month, led by a boost in Calgary.┬а
The average home price┬аin Canada┬аwas $667,317 in July, marking a 0.2 per cent drop┬аfrom┬аthe same period last year.
Edmonton and Hamilton-Burlington saw an increase in home sales, while the Greater Toronto Area and Calgary saw declines.
But Calgary led a boost in the number of newly listed properties, which increased 0.9 per cent month over month, the association said.
The total number of properties listed on the Canadian Multiple Listing Service (MLS) system┬аwas up 22.7 per cent from a year ago, though still 10 per cent below historical averages for July, according to CREA.
Robert Kavcic, a senior economist at Bank of Montreal, said the real estate market in Canada remains stable.
“Considering the massive swings in prices, activity and interest rates in recent years, this is an outcome that the industry should be thrilled with,” he wrote in a note.
CREA senior economist Shaun Cathcart┬аsaid the association anticipates┬аhousing activity will rise in the fall,┬аas prospective homebuyers wait┬аon more interest rate cuts from the Bank of Canada.
As Canada’s affordable housing crisis drags on, some non-profits are borrowing directly from neighbours to bankroll rental unit construction through a new financial tool called ‘community bonds.’
