The Canadian Real Estate Association (CREA) says home sales across the country in August reached their highest level in four years.
The boost in sales was due largely to the number of residential properties that changed hands growing 2% from a year earlier.
In all, 40,257 home sales took place across Canada in August, up from 39,522 in the same month of 2024.
Home sales were up 1.1% on a month-over-month basis, marking the fifth consecutive monthly increase, with transactions now having risen 12.5% since March of this year.
CREA said in a news release that home sales across Canada could rise further this autumn as the Bank of Canada is expected to lower interest rates in coming months.
Lower interest rates make qualifying for a mortgage and the cost of carrying a mortgage easier on homebuyers.
CREA said that new home sale listings gained 2.6% month-over-month in August and that there were 195,453 properties listed for sale across Canada in August, up 8.8% from a year earlier.
The average price of a home sold in Canada during August was $664,078, up 1.8% from a year ago, according to the association.
