Home resales down slightly in July

Sales of existing Canadian homes dipped by 0.7 percent in July from the previous month, according to the Canadian Real Estate Association. While sales for the month were up in more than half of all local markets, a decline in the Greater Toronto Area (GTA) tipped the national figure into the negative.

Sales were also down in the Fraser Valley, which together with the GTA offset gains in Montreal, Edmonton, and Calgary. The actual (not seasonally adjusted) number of transactions came in 8.7 percent above the previous July—the largest year-over-year national sales increase in more than two years.