Sales of existing homes in Canada edged back a further 3.5 percent on a month-over-month basis in July, according to the Canadian Real Estate Association. That was the smallest of four consecutive declines since March. While sales are now down a cumulative 28 percent from that March peak, Canadian housing markets are still historically quite active.
The actual (not seasonally adjusted) number of transactions in July was down 15.2 percent on a year-over-year basis from the record for that month set last July. July 2021 sales nonetheless still marked the second-best month of July on record.
