Housing Market Statistics | August 2019
Canadian home sales rise in July
National Home Sales

Home sales recorded via Canadian MLS® Systems rose for the fifth consecutive month in July, putting them about 15% above the six-year low reached in February 2019 but still more than 10% below the highs reached in 2016 and 2017.

Actual Activity

Actual (not seasonally adjusted) sales activity stood 12.6% above July 2018. Sales were up from year-ago levels in most of Canada’s largest markets, including the Lower Mainland of British Columbia, Calgary, Edmonton, the GTA and Hamilton-Burlington, Ottawa and Montreal.

“ The extent to which recent declines in mortgage interest rates have helped lift sales activity varies by community and price segment. "
~ Jason Stephen, CREA President
Newly Listed Homes

The number of newly listed homes edged back by 0.4% in July. There was an almost even split between the number of local markets where new listings rose and those where they eased. The increase in new listings in Calgary, the GTA and Edmonton offset a decline in new listings in the Lower Mainland of British Columbia and Montreal.

MLS® Price Index

The Aggregate Composite MLS® Home Price Index (MLS® HPI) rose 0.6% m-o-m in July 2019, the largest increase in over 2 years.

National Average Sale Price

The actual (not seasonally adjusted) national average price for homes sold in July 2019 was just under $499,000, up 3.9% from the same month last year.

“ Sales are starting to rebound in places where they dropped when the mortgage stress test took effect at the beginning of 2018, but activity there remains well below levels recorded prior to its introduction. By the same token, sales continue to rise in housing markets where the mortgage stress test had little impact due to upbeat local economic conditions and a supply of affordably priced homes. ”
~ Gregory Klump, CREA Chief Economist

The national average price is heavily skewed by sales in the GVA and GTA, two of Canada’s most active and expensive housing markets. Excluding these two markets from calculations cuts more than $105,000 from the national average price, trimming it to less than $393,000.