Canada’s home sales up 12% in July year-over-year

The Canadian Real Estate Association says home sales in July rose 12.6 per cent compared with the same month last year. The increase came as sales were up in most of the country’s largest markets, including the B.C.’s Lower Mainland, Calgary, Edmonton, the Greater Toronto Area and Hamilton-Burlington, Ottawa and Montreal.

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On a month-over-month basis, sales were up 3.5 per cent compared with June. The increase in sales came as the number of newly listed homes edged back by 0.4 per cent in July.

The national sales-to-new listings ratio tightened to 59.8 per cent last month from 57.6 per cent recorded in June.

The national average price of a home sold in July was just under $499,000, up 3.9 per cent from the same month last year.