Canadian Home Sales Continue To Normalize

Canadian home sales continued to normalize in July, says the Canadian Real Estate Association (CREA), showing a decline of 3.5 per cent month-over-month in July. This was the smallest of four consecutive declines since March and was led by Edmonton and Calgary, AB. "We still have extremely unbalanced housing markets all over the country,” says Cliff Stevenson, chair of CREA. Additionally, actual (not seasonally adjusted) activity declined by 15.2 per cent year-over-year and newly listed properties dropped by 8.8 per cent from June to July. “We are not returning to normal; we are only returning to where we were before COVID, which was a far cry from normal,” says Shaun Cathcart, senior economist at CREA. “The problem of high housing demand amid low supply has not gone anywhere. It's arguably worse.”