Canadian homes sales soften, but market conditions tighten due to low inventory: CREA

The Canadian Real Estate Association (CREA) recently released national sales statistics for July of 2021.

According to the report, "Home sales recorded over Canadian MLS® Systems edged back a further 3.5% on

"While the moderation of sales activity continues to capture most of the headlines these days, it’s record-low inventories that should be our focus,” said Cliff Stevenson, Chair of CREA. "We still have extremely unbalanced housing markets all over the country, so your best bet is to consult with your local REALTOR® for information and guidance about buying or selling a home in these still unprecedented and challenging times,” continued Stevenson. 

 Highlights of CREA's report

• National home sales declined by 3.5% on a month-over-month basis in July.
• The actual (not seasonally adjusted) activity declined by 15.2% year-over-year.
• The number of newly listed properties dropped by 8.8% from June to July.
• The MLS® Home Price Index (MLS® HPI) rose 0.6% month-over-month and was up 22.2% year-over-year.
• The actual (not seasonally adjusted) national average sale price posted a 15.6% year-over-year gain in July. 

Read the entire report on Canadian MLS® sales for July of 2021.

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