Canadian home prices rise 0.1% in July, first monthly gain since Nov 2024

CREA said the national figures changed only marginally. The association pointed to more significant shifts in individual markets. Several markets in the Prairies and Quebec that had previously favoured sellers now have more supply relative to sales than a year ago. Atlantic Canada saw a similar shift. Parts of Ontario and British Columbia moved in the opposite direction, with conditions tightening.

In Ontario, the sales-to-new-listings ratio rose to 45.0% in July from 43.3% in June and 44.1% a year earlier. In Toronto the ratio jumped to 37.2% from 31.4% in June and 30.5% a year ago. In Montreal the ratio fell to 56.2% from 64.4% a year ago, and in Quebec City to 76.1% from 86.6%.

Nationally, new listings fell 1.6% from June, the third consecutive monthly decline. Sales rose as fewer properties came on market. The national sales-to-new-listings ratio increased to 51.3% from 50.2% in June.