Canadian Home Sales Dip Amid Economic Headwinds

The Canadian Real Estate Association (CREA) reports that home sales in August declined by 6.9% compared to the same month last year, totaling 37,504 units.

This decline comes as a fresh round of economic challenges threatens to dampen housing market momentum for the remainder of the year, according to CREA senior economist Shaun Cathcart.

'What has changed is the broader economic environment, with the Bank of Canada recently warning of rising inflation risks, along with doubts about the durability of recent economic growth,' he said.

The national average sale price of a home sold in August was $668,219, up 0.6% on a year-over-year basis.