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Canada’s housing market gained further momentum in July with a fourth month of rising sales and prices holding steady. CREA’s latest numbers point to balance at the national level, while Coldwell Banker Canada underscores the importance of local expertise as regional markets move at very different speeds.
Canada’s housing market is showing signs of renewed energy. According to the Canadian Real Estate Association’s July report, national home sales rose 3.8% compared with June. That marks the fourth month in a row of stronger activity, with transactions up more than 11% since March.
The Greater Toronto Area led much of that growth, with sales rebounding more than 35% over the past four months, although activity there is still below long-term averages. CREA’s Senior Economist Shaun Cathcart noted that July’s increase marked a turning point, with the long-anticipated post-inflation recovery in housing finally beginning to take shape.
At the same time, prices have held steady. The national benchmark price was flat month over month and down 3.4% from a year earlier. The national average sale price in July was $672,784, edging slightly higher than last year. Inventory sat at 4.4 months, just below the long-term norm of five months, while new listings were unchanged. In short, the market is balanced.
Why Balance Matters
For Karim Kennedy, Chief Executive Officer of Coldwell Banker Canada, this shift is significant.
“This is what a balanced market feels like,” Kennedy explained. “Buyers are coming back with confidence, but without the frenzy that makes it hard to think clearly. People are approaching their decisions more carefully, and that is exactly when experienced agents can make the biggest difference.”
Kennedy adds that while the national numbers set the tone, the real story is local. “The market in Saskatoon is not the market in Toronto. Quebec City is not behaving like Vancouver. Local expertise has never been more important.”
Confidence Returns
Hashim Arthur, Chief Operating Officer at Coldwell Banker Canada, sees psychology playing as big a role as the statistics.
“For much of 2024, Canadians were waiting. They were waiting on interest rates, waiting on the economy, waiting to see where prices would land,” Arthur says. “Now that uncertainty has lifted a little, we are seeing that demand come back into the market. Sellers are preparing for the fall, and buyers are re-engaging.”
CREA’s Chair, Valérie Paquin, noted that September often brings a surge of new listings. With activity already strengthening through the summer, this year’s fall market could provide a clearer picture of how much demand is really back.
A Market of Contrasts
National balance does not mean uniformity. In higher-priced regions such as Toronto and Vancouver, prices remain under modest downward pressure. In more affordable areas, demand continues to drive growth. Cities like Quebec City and regions across the Prairies and Atlantic Canada are seeing competition heat up, even as Ontario’s condo markets are still working through excess supply.
Kennedy sums it up simply: “There isn’t one Canadian housing market. Every city and region tells its own story, with its own pace and pressures. Success comes from understanding the market you are actually in.”
What it Means for Buyers and Sellers
For buyers, July’s numbers point to a market where there is greater choice without the bidding wars that defined earlier years. Stable prices and steady supply mean conditions are less intimidating, particularly for first-time buyers who were previously priced out. In some regions, especially in the Prairies and Atlantic Canada, buyers will still face competition, but on the whole, this is an environment that allows for more measured decisions.
For sellers, the message is equally encouraging. After months of slower activity, demand is returning, and motivated buyers are back in the market. While pricing needs to remain realistic in higher cost areas such as Toronto or Vancouver, balanced conditions mean listings are more likely to move than they were earlier in the year. Sellers who prepare now will be well-positioned to take advantage of the traditional fall surge in activity.
Looking Ahead
As fall approaches, both buyers and sellers have opportunities. Buyers can expect more choice as new listings arrive in September, while sellers will find a pool of motivated buyers who are once again confident about making a move.
Arthur encourages preparation on both sides. “If you are planning to buy or sell this fall, don’t wait until listings appear. Work with a real estate professional now. Balanced markets don’t last forever, and being ready is an advantage.”
After a challenging stretch, confidence is returning. Sales are climbing, prices are stable, and buyers are coming back. As Cathcart put it, the long-anticipated recovery may finally be here, and the fall season will show just how durable this shift can be.
About Coldwell Banker Canada
Founded in 1906, Coldwell Banker is the most established residential real estate franchise system in North America. The brand expanded into Canada in 1989 and has since built a legacy of serving the real estate needs of Canadians from coast to coast. In 2021, Coldwell Banker Canada was acquired by Canadian entrepreneurs Steve Houle and Karim Kennedy, who are dedicated to growing the brand’s presence nationally. For more information, visit coldwellbanker.ca/franchising.
