Housing market fairly stable in July, conditions growing for more active market: CREA
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 0.7 per cent from June when seasonally adjusted, though up 4.8 per cent from a year earlier, while new listings were up 0.9 per cent on a month-over-month basis.
The small pullback in July came despite a second rate cut from the Bank of Canada late in the month. While the start of cuts haven’t yet translated into a notable bump in sales, conditions are starting to shift, said CREA chair James Mabey in a statement Thursday.