40,257 home sales recorded across the country last month
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Canada’s housing market saw its busiest August in four years, according to new figures from the Canadian Real Estate Association (CREA).
The association reported 40,257 homes were sold nationwide last month, a 1.9 per cent increase from 39,522 transactions in August 2024. On a month-over-month basis, sales rose 1.1 per cent, marking five consecutive monthly gains. Since March, activity has climbed a cumulative 12.5 per cent.
While sales in the Greater Toronto Area dipped slightly compared with July, stronger activity in Montreal, Greater Vancouver, and Ottawa more than offset the decline.
CREA senior economist Shaun Cathcart said the fall market could bring even more momentum as fresh supply typically comes online in September.
“Part of what drives sales at different points in the year is the availability of a lot of fresh property listings for buyers to buy. For the fall market, that always happens right at the beginning of September, and this year was no exception,” Cathcart said in a media release.
He added that if last year is any indication, sales could accelerate in the coming weeks—especially if the Bank of Canada delivers an expected September interest rate cut. The central bank will announce its next decision on Wednesday, with markets anticipating a quarter-point reduction to 2.5 per cent after three consecutive holds.
Market Conditions and Prices
New listings increased 2.6 per cent month-over-month, with 195,453 properties on the market at the end of August—an 8.8 per cent jump compared with a year earlier. CREA described the overall environment as “very balanced.”
The actual national average home price in August was $664,078, up 1.8 per cent from the same month last year. However, CREA’s home price index, which adjusts for typical property types, edged down 0.1 per cent from July to August.
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