The Canadian housing market remained relatively stable in the month of July, according to the latest report from the Canadian Real Estate Association (CREA). However, conditions are showing signs of a more active market in the near future.
The report, released on Monday, revealed that the national average price for homes sold in July was $662,000, which is a slight increase of 0.5% from the previous month. This marks the third consecutive month of modest price gains.
In addition, the number of homes sold in July also saw a slight increase of 0.3% compared to June. This is a positive sign for the market, as it indicates a steady demand for homes.
CREA’s chief economist Shaun Cathcart stated that the housing market is showing signs of balancing out after a period of intense activity earlier this year. He also noted that the market is still facing challenges due to the ongoing COVID-19 pandemic.
Despite these challenges, Cathcart remains optimistic about the future of the housing market. He stated that the combination of low interest rates and a strong desire for homeownership is creating a favorable environment for a more active market in the coming months.
The report also revealed that the number of newly listed homes saw a slight decrease of 0.9% in July, which could contribute to a more competitive market for buyers.
In terms of regional performance, the Greater Toronto Area (GTA) saw a 2.6% increase in home sales compared to the previous month, while the Greater Vancouver Area (GVA) saw a 3.6% decrease. However, both regions saw an increase in average home prices.
Overall, the housing market in Canada remains stable, with signs of a more active market in the near future. As the country continues to navigate the effects of the pandemic, the housing market will be closely monitored for any changes or shifts in the coming months.
