In August, the Canadian Real Estate Association reported a decline in home sales compared to the previous year amid emerging economic challenges that could impede housing market growth for the remainder of 2026.
According to CREA, home sales in August totaled 37,504, marking a 6.9% decrease from the same period in 2025. Seasonally adjusted data showed a 0.7% drop in activity compared to July.
Senior economist Shaun Cathcart expressed concerns about escalating inflation risks and potential interest rate hikes, citing these factors as contributors to the weakened economic landscape that may impact sales.
The national average selling price of homes in August stood at $668,219, reflecting a modest 0.6% increase year-over-year. Additionally, CREA noted a 3.3% month-over-month rise in new listings for August, reversing a trend of three consecutive monthly declines earlier in the summer.