In August, the Canadian Real Estate Association reported a decline in home sales compared to the previous year, amidst ongoing economic challenges that may impact the housing market’s growth for the rest of the year. Total home sales for the month reached 37,504, showing a 6.9% decrease from August 2025. When adjusted for seasonal variations, activity decreased by 0.7% compared to July 2026.
Shaun Cathcart, the senior economist at CREA, highlighted that the current economic landscape, marked by escalating inflation risks and potential interest rate hikes, could negatively impact sales. The average national sale price for a home in August stood at $668,219, reflecting a modest 0.6% increase year-over-year.
August saw a 3.3% increase in new listings compared to the previous month, halting a trend of three consecutive declines earlier in the summer. This uptick in listings may have implications for market dynamics moving forward.