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Housing market fairly stable in July, conditions growing for more active market: CREA

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OTTAWA — Canada's housing market softened slightly in July from a month earlier as sales of existing homes dipped and new listings inched up, the Canadian Real Estate Association said. Sales were down 0.

OTTAWA — Canada's housing market softened slightly in July from a month earlier as sales of existing homes dipped and new listings inched up, the Canadian Real Estate Association said.

“While it wasn’t apparent in the July housing data from across Canada, the stage is increasingly being set for the return of a more active housing market." "Stability describes the Canadian housing market," he said in a note."Considering the massive swings in prices, activity and interest rates in recent years, this is an outcome that the industry should be thrilled with."

The home price index, which aims to represent typical home sales, did show a 3.9 per cent price decline from last year, while up 0.2 per cent from June. Kavcic said while the recent rate cuts haven't changed the market much, that was expected as few buyers were using variable mortgages — the type that responds immediately to Bank of Canada rate changes.

 

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