The Canadian Real Estate Association says it recorded the most home sales for August in four years, as the number of residential properties that changed hands rose 1.9 per cent compared with a year ago.
There were 40,257 home sales across the country last month, up from 39,522 in August 2024.
Home sales also rose 1.1 per cent on a month-over-month basis, marking the fifth straight monthly increase, with transactions having risen a cumulative 12.5 per cent since March.
CREA senior economist Shaun Cathcart says the trend could accelerate this fall as the season usually brings a surge of new supply, and a potential rate cut by the Bank of Canada this week could also spur buyers’ interest.
The association says new listings were up 2.6 per cent month-over-month and there were 195,453 properties listed for sale across Canada at the end of August, up 8.8 per cent from a year earlier.
The actual national average sale price of a home sold in August was $664,078, up 1.8 per cent from a year ago.
“Canada’s housing market remained very balanced overall in August, with significant regional and segment variation persisting,” wrote Robert Kavcic, senior economist at BMO, in an email to clients.
“At the national level, sales have steadily climbed back toward longer-term norms, inventory is elevated but not overly saturating the market and prices are effectively flat.”
