The Canadian Real Estate Association says July marked the third consecutive month of fewer home sales. The number of transactions fell 1.3 per cent nationally between June and July, as more than half of all markets tracked showed declines in July. However, despite the drop in the number of sales, the national average price for a home sold in July was $480,743, up 9.9 per cent compared with a year ago.
Overall, the number of newly listed homes in Canada rose by 1.2 per cent in July compared to June, while the national sales-to-new listings ratio eased to 61.6 per cent in July. It was the second monthly decline.
CREA says a sales-to-new listings ratio between 40 and 60 per cent is generally consistent with balanced housing market conditions, with readings below and above this range indicating buyers’ and sellers’ markets, respectively.
Source: Financial Post