Canadian Home Sales Activity Strengthens in July

• National home sales rose 1.9% from June to July
• Actual (not seasonally adjusted) activity was down 1.3% from July 2017
• The number of newly listed homes edged down 1.2% from June to July
• The MLS Home Price Index (HPI) in July was up 2.1% year-over-year
• The national average sale price edged up 1% y-o-y

"This year's new stress-test on mortgage applicants continues to weigh on home sales but its effect may be starting to fade slightly in Toronto and nearby markets," said CREA President Barb Sukkau. "The degree to which the stress-test continues to sideline home buyers varies depending on location, housing type and price range. All real estate is local, and realtors remain your best source for information about sales and listings where you live or might like to in the future," said Sukkau.

"Improving national home sales activity in recent months obscures significant differences in regional trends for home sales and prices," said Gregory Klump, CREA's Chief Economist. "Regardless, rising interest rates and this year's stress test on mortgage applicants will likely prove to be difficult hurdles to overcome for many would-be first time and move-up homebuyers, heading into the second half of the year and beyond." 



If you have any questions, or concerns, about today's market, contact me today!
 
Mike Mossuto
 Sales Representative
 Keller Williams Complete Realty
 905-929-3473

(All information taken from CREA National Statistics)