Montreal, Ottawa Lead National Home Sales To Best August Since 2021

The Canadian Real Estate Association (CREA) reported a 1.1% increase in national home sales for August, marking the best August since 2021. Significant sales activity was observed in Montreal and Ottawa, with both regions experiencing over a 12% annual increase in transactions. The housing market edged towards a sellers' market with a slight 2.6% increase in new supply and a decrease in the sales-to-new listings ratio to 51.2%. The national average home price also rose by 1.8% year-over-year, despite a slight month-over-month price index drop.