The average home price dipped 2.9% in July, following a consistent seasonal pattern. Year-over-year prices increased 5%, a smaller increase than those seen in recent months but one that is consistent with balanced market conditions.
According to the Canadian Real Estate Association, homes sales in July increase just 0.8% in July increasing to 41,476 homes. At 6.2% above the same month last year, this makes July the fourteenth consecutive month of year-over-year increases in home sales.
The number of new listings coming on the market rose just 0.4% in July, with 77,367 homes coming onto the market. This translates to a sales-to-new-listing ratio of 53.6%, leaving the country still firmly entrenched in a balanced market.
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