Canadian home sales down for 4th straight month in July but prices still up – National

The Canadian Real Estate Association says home sales continued to cool in July as they fell on a month-over-month basis for a fourth consecutive month. Prices, however, continued to climb, data shows.

The association says home sales for July were down 3.5 per cent compared with June and 28 per cent from their peak in March. The move came as the number of newly listed homes dropped by 8.8 per cent from June to July.

Read more:
Will the housing market crash? Why home prices may stay hot

Compared with a year ago, sales in July were down 15.2 per cent from the record for the month set last in 2020.

Still, last month marked the second-best July on record for sales volumes, the association notes.

Story continues below advertisement

Prices, meanwhile, continued to rise. The composite home price, which adjusts for the types of properties sold, rose 0.6 per cent between June and July and was up 22.2 per cent compared with July of 2020.

The actual national average sale price reached $662,000 in July 2021, up 15.6 per cent from July of last year.

— With files from Global News’ Erica Alini

© 2021 The Canadian Press