Industry News

Canada’s real estate sales slow

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Major-market home sales in Canada dipped 1.7 percent in July on a seasonally adjusted basis from the previous month, according to The Canadian Real Estate Association. Closed transactions via the Multiple Listing Service numbered 27,090 units in July, compared to 27,539 sales the previous month. Sales in the first seven months of the year remained 6 percent above activity during the same period last year, so home sales are still running at historically high levels. Activity for the first seven months surpassed all previous year-to-date records in a number of major markets, including Vancouver, Calgary, Edmonton, Toronto, Ottawa and Montreal. The number of new listings (43,438 units) available for sale in July changed little from June levels (43,961 units) the previous month. With little monthly change in sales or new listings, market balance remained stable. The major-market MLS residential average price rose 7.7 percent (year-over-year) to $242,261 in July. Its return to single-di...