After showing signs of life in June following the Bank of Canada\u2019s first interest rate cut in more than four years, Canada\u2019s housing market took a bit of a breather last month, according to the latest housing report from the Canadian Real Estate Association (CREA).<\/p>\n
In July 2024, home sales across Canadian MLS\u00ae<\/sup>\u00a0Systems decreased 0.7% compared to the previous month. This slight decline reversed some of the momentum gained in June following the central bank\u2019s rate cut announcement.<\/p>\n Activity across major cities saw minimal changes, with the exception of Calgary and the Greater Toronto Area, which experienced slight drops.<\/p>\n By the end of July, there were approximately 183,450 properties listed for sale on Canadian MLS\u00ae<\/sup>\u00a0Systems. This marked a 22.7% increase from the previous year, yet inventory remains about 10% below the historical average for this time of year, which typically exceeds 200,000 listings.<\/p>\n On a monthly basis, July saw a modest 0.9% increase in new listings nationwide.The bump in new listings was largely driven by the Calgary market.<\/p>\n With new listings edging up and sales slightly down, the national sales-to-new listings ratio eased to 52.7% in July, down from 53.5% in June. This ratio remains within the range of balanced market conditions, which typically falls between 45% and 65%.<\/p>\n At the end of July, Canada had 4.2 months of inventory available, unchanged from June.<\/p>\n The actual national average home price in July 2024 was $667,317, nearly unchanged from July 2023, showing a slight dip of 0.2%.<\/p>\n Meanwhile, the National Composite MLS\u00ae<\/sup>\u00a0Home Price Index (HPI) was virtually flat, increasing 0.2% from June to July. This marks the largest monthly gain in the past year, and only the second increase overall in that period.<\/p>\n Source:<\/p>\n Communications manager, Royal LePage<\/p>","protected":false},"excerpt":{"rendered":" After showing signs of life in June following the Bank of Canada\u2019s first interest rate cut in more than four years, Canada\u2019s housing market took a bit of a breather last month, according to the latest housing report from the Canadian Real Estate Association (CREA). In July 2024, home sales across Canadian MLS\u00ae\u00a0Systems decreased 0.7% […]<\/p>\n","protected":false},"author":724,"featured_media":1862,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-1861","post","type-post","status-publish","format-standard","hentry","category-nouvelles"],"acf":[],"_links":{"self":[{"href":"https:\/\/lucynefarand.com\/en\/wp-json\/wp\/v2\/posts\/1861","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lucynefarand.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lucynefarand.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lucynefarand.com\/en\/wp-json\/wp\/v2\/users\/724"}],"replies":[{"embeddable":true,"href":"https:\/\/lucynefarand.com\/en\/wp-json\/wp\/v2\/comments?post=1861"}],"version-history":[{"count":1,"href":"https:\/\/lucynefarand.com\/en\/wp-json\/wp\/v2\/posts\/1861\/revisions"}],"predecessor-version":[{"id":1863,"href":"https:\/\/lucynefarand.com\/en\/wp-json\/wp\/v2\/posts\/1861\/revisions\/1863"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lucynefarand.com\/en\/wp-json\/wp\/v2\/media\/1862"}],"wp:attachment":[{"href":"https:\/\/lucynefarand.com\/en\/wp-json\/wp\/v2\/media?parent=1861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lucynefarand.com\/en\/wp-json\/wp\/v2\/categories?post=1861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lucynefarand.com\/en\/wp-json\/wp\/v2\/tags?post=1861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Inventory on the rise, but still below average<\/strong><\/h2>\n
Home prices see small gains<\/strong><\/h2>\n
Michelle McNally<\/h3>\n