Canada’s Home Sales Rose 6.6% In July

Home sales across Canada rose 6.6% in July from a year earlier, according to the Canadian Real Estate Association (CREA).

Home sales rose 3.8% on a month-over-month basis from June, with transactions up a cumulative 11.2% since March of this year.

In a news release, CREA said that “the long-anticipated post-inflation crisis pickup in housing seems to have finally arrived.”

The association added that new listings were up 0.1% month-over-month in July from June.

There were 202,500 properties listed for sale across Canada at the end of July, up 10% from a year earlier and in line with the long-term average for the summer.

The average sale price of a home sold in Canada during July was $672,784, up 0.6% from a year ago.

Canada’s housing market has been steadily improving this year as the Bank of Canada lowers interest rates, making mortgages more affordable and easier to qualify for.