Economics

Housing Market Tightens in Canada After 4th Monthly Sales Drop

A home in the Plateau-Mont-Royal neighborhood of Montreal, Quebec, Canada, on Sunday, May 23, 2021. Canadian home sales dropped for a second-straight month as both buyers and sellers appeared to pull back from the frenzied pace the market set at the beginning of the year.Photographer: Christinne Muschi/Bloomberg

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By Ari Altstedter

August 16, 2021 at 1:45 PM UTC

This article is for subscribers only.

Canada’s housing market posted its fourth month of sales declines as the number of people looking to sell their homes saw a precipitous decline despite prices near record levels.

Transactions fell 3.5% in July, with new listings dropping 8.8%, according to data released Monday from the Canadian Real Estate Association. That caused the national average home price to rise 0.3% to around C$669,200 ($532,600), while the ratio of sales to new listings, a measure of market tightness, rose to 74% from 70% the previous month.