In August, the Canadian Real Estate Association reported a decline in home sales compared to the previous year. This decrease comes amid emerging economic challenges that could potentially slow down the housing market’s momentum for the rest of the year.
According to the organization, there were 37,504 home sales last month, marking a 6.9% drop from August 2025. When adjusted for seasonal variations, activity decreased by 0.7% compared to July of this year.
Shaun Cathcart, CREA’s senior economist, highlighted that the rising risks of inflation and potential interest rate hikes have created a less favorable economic climate that may impact sales activity negatively.
The national average sale price for a home in August stood at $668,219, showing a modest 0.6% increase year-over-year. Additionally, CREA noted a 3.3% month-over-month rise in new listings for August, reversing a trend of three consecutive declines earlier in the summer.