Home Sales Hit Monthly Record

National home sales rose 26 per cent in July over June, and actual (not seasonally adjusted) activity was up 30.5 per cent year-over-year, says the Canadian Real Estate Association (CREA). This increase raises home sales to the highest monthly level ever recorded. For the third month in a row, transactions were up on a month-over-month basis across the country. Among Canada's largest markets, sales rose by 49.5 per cent in the Greater Toronto, ON, Area (GTA), 43.9 per cent in Greater Vancouver, BC, and 39.1 per cent in Montreal, QC. The number of newly listed homes climbed by 7.6 per cent in July compared to June. New supply was only up in about 60 per cent of local markets, as the rebound in supply appears to be tapering off in many parts of the country.