Canada’s housing market hit ‘pause’ in July despite rate cuts

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CREA News

Home Prices,Home Sales,Interest Rate

Canadian home sales edged back somewhat in July despite the start of the Bank of Canada's interest rate easing cycle, CREA said Thursday.

With many homeowners across Canada facing a sharp rise in mortgage payments, many have decided to bail, resulting in the highest number of Toronto housing units for sale in more than a decade and signalling a big drop in prices in the coming months. Anne Gaviola has this story in Business Matters for Thursday, July 18, 2024 – Jul 18, 2024cuts from the Bank of Canada has done little to stoke a fire in the Canadian housing market, fresh data from July shows.retreated by 0.

“While there were early signs of renewed momentum in June following the Bank of Canada’s first interest rate cut since 2020, activity in Canada’s housing market took a pause in July,” CREA said in a release. New listings in the Canadian housing market were up 0.9 per cent from June, led by a jump in new supply in Calgary.

 

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