National Home Sales

National home sales:

In Canada, the sale of homes demonstrated a decrease between June and July of this year, 2021. Since March, home sales have been on the decline. While the market still being active, home sales decreased month after month, in July they decreased 3.5% which marks the smallest of four consecutive declines since the month of March where they had peaked. Since that peak in home sales in March, sales are now down a total of 28%.

In July 2021, the actual number of transactions was down 15.2% over a year basis

Sale of homes slowing down:

Over the past few months, home sales have been slowing down which is not unusual as the high level of activity in March was simply unsustainable. Even with the sale of homes slowing down we are not returning to “normal” we are only going back to where we were before Covid. The problem we are facing is having a high demand for housing but having a low supply.

In support, the number of newly listed homes dropped by 8.8% in July in comparison to the month of June. The decline of new supply is coming from the big Canadian Markets; Vancouver, Montreal, Calgary and the GTA.

The average Canadian home price:

The national average home price is up 25.9% from the same month last year being 679,000 in June 2021. This average price is heavily influenced by sales coming from two of Canada’s most expensive and active housing markets, Greater Vancouver and the GTA.