July home sales down 5.3% from last year, but market becoming more balanced: CREA

The Canadian Real Estate Association (CREA) reports that July home sales decreased by 5.3 percent compared to the previous year, yet the market is becoming more balanced, according to a recent statement.

Shaun Cathcart, CREA’s senior economist, notes that beneath the surface of the headline figures, markets nationwide are generally moving toward balance. The national average sale price of a home sold in July increased by 0.2 percent compared to the same period last year, reaching $674,819.

However, the number of new listings in July fell by 1.6 percent from the previous month.