August Home Sales Remain Resilient Amid Economic Challenges

Home sales in Canada fell 6.9% in August compared to last year, with seasonally adjusted activity down 0.7% from July. The national average home price rose 0.6% year-over-year to $668,219, while the home price index was stable month-to-month but down 3% annually. New listings increased 3.3% from July, ending a summer decline, with inventory rising 1.4% year-over-year. Economic challenges and rising mortgage rates may slow market momentum into 2027.