(Ottawa) The Canadian Real Estate Association says residential property sales in July were up from the same month last year, but down slightly from last month.
The association says July home sales increased 4.8% compared to July 2023.
On a seasonally adjusted basis, home sales in July decreased 0.7% from June.
New listings increased 0.9% from the previous month. The real national average home price in July was $667,317, down 0.2% from July 2023.
The Bank of Canada cut its key interest rate in June, its first cut since the early days of the pandemic in 2020. The central bank cut its rate again on July 24. It now stands at 4.5%.