Prices exhibit resilience, record biggest gain since 2006

National home sales declined for a third consecutive month in July, according to statistics released today by the Canadian Real Estate Association (CREA).

The number of homes trading hands via Canadian MLS® Systems fell by 1.3 per cent month-over-month in July 2016. With similar monthly declines having been posted in May and June, national sales activity in July came in 3.9 per cent below the record set in April 2016. (Chart A)

Sales activity was down from the previous month in slightly more than half of all markets in July, led by Greater Vancouver and B.C.'s Fraser Valley. Transactions in these two markets peaked in February of this year, and have since then dropped by 21.5 and 28.8 percent respectively.

City leads country in sales, price declines: report

Canada's resale residential housing markets illustrated further signs of regional disparities in January, with sales and prices up in hot markets such as Toronto and B.C.'s Lower Mainland yet down in others such as Calgary and Edmonton, according to a new report from the Canadian Real Estate Association (CREA).

Sales in Calgary last month fell by 14 per cent to 1,049 units, representing the sharpest year-over-year decline among all major urban centres in Canada. Edmonton also saw a sharp 9.7 per cent decrease in the number of sales to 777 units.

In contrast, Greater Vancouver saw sales pick up by 30.3 per cent to 2,626 units and Greater Toronto Area (GTA) by 7.3 per cent to 4,672.