After a somewhat promising June, data from Canadian Real Estate Association’s (CREA) July 2024 statistics report reveals housing market activity effectively stalled in July, despite the July 24 interest rate cut.

In June, the “fledgling” market saw slight increases in month-over month sales, tighter year-over-year market conditions, and the national average home price increase for the first time in 11 months. But in July, progress halted, with home sales ticking down 0.7% from June’s 3.7% month-over-month increase. According to the report, decreases were minimal in larger centres, and drops in the GTA and Calgary markets were largely offset by increased sales activity in Edmonton and Hamilton-Burlington.