The Canadian Real Estate Association (CREA) reported that the housing market remained stable in July, suggesting that conditions might soon favor a more active market. In July, home sales across Canada edged up by 0.8% compared to June, marking the fifth consecutive monthly increase. While this growth is modest, it indicates a steady market, contrasting the declining trend from the first half of 2023.
CREA noted that new listings also increased, which helped maintain balance in the market. However, the year-over-year comparison shows that sales were still down 8.8% compared to July 2023. This decline underscores ongoing challenges, including affordability concerns and higher borrowing costs that continue to impact potential buyers.
Despite these challenges, CREA remains optimistic about the near future. The Association points to signs that the market could become more active in the coming months, as interest rates show signs of stabilizing and housing inventory increases. These factors, coupled with seasonal trends, are expected to bring more buyers into the market.
Overall, the Canadian housing market is showing resilience. While the market's stability in July offers a promising outlook, CREA emphasizes the need for vigilance in monitoring market conditions. The Association also highlights the importance of policy measures to address ongoing affordability issues and ensure a sustainable recovery in the housing sector.
Comments