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.

Police have deployed canine units, marine support and rescue teams in a massive effort to find an Ontario realtor who disappeared in “suspicious” circumstances.

York Regional Police said homicide detectives are leading the investigation into the disappearance of 56-year-old Yuk-Ying (Anita) Mui, who was last seen on Friday.

She was seen at her home around 9:30 a.m. Friday, police previously said, when she left her home near Baycliffe Road and Warden Avenue.

Canadian mortgage borrowers are finding out fast that Toronto real estate isn’t always a path to riches. Equifax data shows Toronto mortgage delinquencies climbed in Q1 2024, and now sit at the highest rate in 8 years. Except back then the rate was falling as the market improved, and it’s heading in the wrong direction now. As investors try to unload into the weakest demand balance on record, the rate is likely to continue rising in the near term. 

It’s a common tale across Canada.

People see rates coming down; they want to buy a home — perhaps because they don’t think prices will stay down for long — but they can’t prove enough income to get a mortgage.

What to do? Well, unless you’re a new professional like a doctor or dentist, or you qualify for rigid niche lending programs, or you can get approved based on a significant net worth, major banks will likely show you the door.

Fortunately, big banks don’t completely monopolize Canada’s mortgage market. Alternative lenders will often lend you more based on your overall ability to pay. And that ability doesn’t just rest on your income today.

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.