Canada Housing Research Brief

Housing recovery continues to build momentum. Canada’s residential property market improved further in July, with home sales up 0.5 per cent month-over-month, marking the fourth consecutive monthly gain. While transactions remained 5.3 per cent below year-ago levels, improving demand and a 1.6 per cent decline in new listings pushed the sales-to-new-listings ratio up to 51.3 per cent, increasingly consistent with balanced market conditions. Inventory also tightened to 4.7 months, its lowest level this year and slightly below the long-term average. Pricing also showed early signs of stabilization, with the median price of a single-family home rising 0.1 per cent month-over-month, its first gain since January 2025. At the same time, the national average sale price continued to see annual declines narrow to 2.9 per cent.