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BLOG / NEWS Updates
NBC: Residential market improved for the 4th consecutive month in July
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 TeranetNational 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
CREA: Canadian Home Sales Continue to Climb in July, National Benchmark Price Remains Steady
The number of home sales recorded over Canadian MLS Systems climbed 3.8% on a month-over-month basis in July 2025. Building on gains recorded over the previous three months, transactions are now up a cumulative 11.2% since March.
The July increase in home sales was again led overwhelmingly by the Greater Toronto Area (GTA), where transactions, while still historically low, have now rebounded a cumulative 35.5% since March.
With sales posting a fourth consecutive increase in July, and almost 4% at that, the long-anticipated post-inflation crisis pickup in housing seems to have finally arrived, said Shaun Cathcart, CREAs Senior Economist. Looking ahead a little bit, it will be interesting to see how buyers react to the burst of new supply that typically shows up in the first half of September.
July Highlights:
National home sales were up 3.8% month-over-month.
Actual (not seasonally adjusted) monthly activity came in 6.6% above July 2024.
The number of newly listed properties was unchanged (+0.1%) on a month-over-month basis.
The MLS Home Price Index (HPI) was unchanged month-over-month and was down 3.4% on a year-over-year basis.
The actual (not seasonally adjusted) national average sale price edged up 0.6% on a year-over-year basis.
https://stats.crea.ca/en-CA/
CMHC: Accelerating rental supply: encouraging development while safeguarding tenants
From CMHC
Getting more rental housing built requires a balance between increasing returns to investors and protecting tenants. But tighter rent control is often not the solution.
Addressing housing affordability is critical for Canada. Owning a home has become so expensive in some cities that renting has become the only viable option for many. Over recent years weve had low vacancy rates, and tenants moving to new units see sharp rent increases. We need a substantial and sustained increase in the supply of rental units over the long term.
Many, however, express misgivings about private-sector involvement. They are concerned that private landlords may charge higher rents or take advantage of their tenants. Government-supplied rental units or rent control are seen as solutions. Are these concerns valid and are solutions appropriate? What can be learned from research on increasing private-sector rental supply while protecting tenants?
Our research found no firm evidence that private-sector ownership led to undue increases in rents. In addition, the international literature suggests that rent control risks lowering housing supply in the long term. Based on recent surveys, the annual eviction rate for renters in Canada is estimated at between 1% and 3%. Having effective tenant protection is important, balanced with harnessing private-sector investment in the rental sector.
https://www.cmhc-schl.gc.ca/observer/2025/accelerating-rental-supply-incentivizing-development-safeguarding-tenants
