Ottawa, ON August 15, 2024 – While there were early signs of renewed momentum in June following the Bank of Canada’s first interest rate cut since 2020, activity in Canada’s housing market took a pause in July.

Highlights:
• National home sales edged back 0.7% month-over-month in July.
• Actual (not seasonally adjusted) monthly activity came in 4.8% above July 2023.
• The number of newly listed properties ticked up 0.9% month-over-month.
• The MLS® Home Price Index (HPI) edged up 0.2% month-over-month but was down 3.9% year-over-year.
• The actual (not seasonally adjusted) national average sale price was almost unchanged (-0.2%) on a year-over-year basis in July.

Home sales activity recorded over Canadian MLS® Systems edged back by 0.7% on a month-over-month basis in July 2024, giving back a small portion of June’s post-first rate cut gain.