The Canadian Real Estate Association has reported a decline in home sales for August compared to the same period last year, attributing it to ongoing economic uncertainties that could impact the housing market for the rest of the year. Home sales in August totaled 37,504, marking a 6.9% decrease from August 2025. When seasonally adjusted, the activity dipped by 0.7% compared to July this year.
Shaun Cathcart, the senior economist at CREA, highlighted that concerns over rising inflation and potential interest rate hikes have created a less favorable economic landscape that may impact sales. The national average sale price of homes in August stood at $668,219, reflecting a 0.6% increase year-over-year.
Despite the sales decline, CREA noted a positive trend in new listings for August, which saw a 3.3% increase from the previous month, breaking a streak of three consecutive declines earlier in the summer.