In August, the Canadian Real Estate Association reported a decline in home sales compared to the previous year, attributing this to ongoing economic challenges that may impact the housing market’s momentum for the rest of the year. Home sales for that month totaled 37,504, marking a 6.9% decrease from August 2025. When adjusted for seasonality, activity dropped by 0.7% compared to July of this year.
Shaun Cathcart, CREA’s senior economist, highlighted the impact of rising inflation risks and potential interest rate hikes on the economic landscape, expressing concerns about their potential effects on sales activity. The national average sale price of homes in August stood at $668,219, reflecting a 0.6% increase year-over-year.
On the positive side, new listings in August saw a 3.3% increase from the previous month, breaking a streak of three consecutive declines seen earlier in the summer.