In August, the Canadian Real Estate Association reported a decline in home sales compared to the previous year amidst ongoing economic challenges that could impact the housing market in the coming months. Total home sales for the month reached 37,504, marking a 6.9% decrease from August 2025. When seasonally adjusted, activity dropped by 0.7% compared to July 2026.
Shaun Cathcart, the senior economist at CREA, expressed concerns about the impact of increasing inflation risks and potential interest rate hikes on the economic landscape, potentially leading to a slowdown in sales.
The average selling price of a home in August was $668,219, showing a modest 0.6% increase year-over-year. CREA noted a 3.3% month-over-month rise in new listings for August, reversing a three-month trend of declines earlier in the summer.