Canadian home sales drop 0.7 in July – CREA

Canada’s housing market displayed signs of stability as sales decreased by 0.7 per cent in July from June, as per the Canadian Real Estate Association’s (CREA) latest report on Wednesday. Nonetheless, home sales saw a 4.8 per cent increase compared to the previous year.

The industry group’s home price index inched up by a mere 0.2 per cent month-over-month, but declined by 3.9 per cent compared to the same period last year. The national average selling price remained relatively unchanged on an annual basis.

The report added that were about 183,450 properties listed for sale on Canadian MLS Systems. This marks a 22.7 per cent increase from the previous year but remains below the usual historical average of over 200,000 listings at this time of year.

Attribution: The Canadian Real Estate Association (CREA) report

Subediting: Y.Yasser