• Home sales increased by 3.8% from June to July at the national level, the fourth consecutive advance following four monthly contractions.
• On the supply side, new listings remained roughly stable (+0.1%) from June to July.
• Active listings decreased by 0.7%, the second monthly decline in a row as cancelled listings continued to be elevated. Overall, the number of months of inventory (active listings-to-sales) edged down for the third month in a row from 4.6 in June to 4.4 in July.
• Market conditions tightened during the month but remained balanced compared to the historical average. The balanced market conditions at the national level largely reflect soft conditions in Ontario and B.C., while markets in all other provinces continue to favour sellers.
• Housing starts increased by 10.6K from 283.5K in June to 294.1K in July (seasonally adjusted and annualized) after being roughly stable over the past two months. Starts were well above the consensus expectation of 265.0K. Starts increased in urban areas (+12.4K to 273.6K), while they declined in rural areas (-1.9K to 20.5K). In urban centres, starts in the multi-unit segment increased (+12.4K to 231.1K) while they remained roughly stable in the single-detached segment (+0.2K to 42.5K).
• The Teranet–National Bank Composite National House Price Index decreased by 0.8% from June to July, after adjusting for seasonal effects. Seven of the 11 CMAs included in the index experienced decreases: Hamilton (-2.5%), Winnipeg (-1.2%), Toronto (-1.1%), Vancouver (-0.7%), Calgary (-0.5%), Montreal (-0.5%) and Edmonton (-0.1%). Conversely, prices rose in Quebec City (+1.3%), Ottawa-Gatineau (+0.3%) and Victoria (+0.1%), while they remained stable in Halifax.

https://www.nbc.ca/content/dam/bnc/taux-analyses/analyse-eco/logement/economic-news-resale-market.pdf