Canadian home sales slipped 3% in July while average price fell to $662,000
Canada’s housing market is continuing its slowdown, with both prices and sales volumes well down in July from where they were a few months ago.
The Canadian Real Estate Association said Monday that the number of homes sold has now fallen for four months in a row, as has the average selling price. Sales in July 2021 were 15 per cent lower than they were in the same month a year ago, but the group that represents realtors notes that last year’s number was the busiest July ever.
“The slowdown we’ve seen in home sales over the last few months has not been surprising, given that the level of activity we were seeing back in March was unsustainable,” CREA’s chief economist Shaun Cathcart said. “We are not returning to normal, we are only returning to where we were before COVID, which was a far cry from normal.”
About two-thirds of all markets across the country saw sales decline, with…