Home resales continue to slow

Sales of existing homes fell by 5.3 percent between June and July, according to new data from the Canadian Real Estate Association. While this was the fifth consecutive month-over-month decline in housing activity, it was also the smallest of the five. Sales were down in about three quarters of all local markets, led by the Greater Toronto Area, Greater Vancouver and the Fraser Valley, Calgary, and Edmonton. The actual (not seasonally adjusted) number of transactions came in 29.3 percent below July 2021.