Canadian Housing Market in Holding Pattern Despite August Sales Uptick

Home sales rose 1.3% month-over-month but fell 2.1% year-over-year as buyers await further interest rate cuts.

The Canadian Real Estate Association (CREA) reported a 1.3% increase in home sales from July to August 2024.
Year-over-year, August home sales decreased by 2.1%, reflecting ongoing market stagnation.
The national average home price in August was $649,100, nearly unchanged from the previous year.
The number of newly listed properties rose by 1.1% month-over-month, driven by new listings in Calgary and Edmonton.
Economists predict that continued interest rate cuts by the Bank of Canada could spur market activity in the coming months.