Canada's July Home Price Index Flat on Month, Lower on Year, Says CREA

07:04 AM EDT, 08/15/2025 (MT Newswires) -- The Canadian Real Estate Association (CREA) on Friday released statistics on the country's home sales for July.

In summary: 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 added 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 was up 0.6% on a year-over-year basis.

"Activity continues to pick up through the transition from the spring to the summer market, which is the opposite of a normal year," said Valerie Paquin, CREA chair, in a statement. "Typically, we see a burst of new listings right at the beginning of September to kick off the fall market, but it seems like buyers are increasingly returning to the market."

There were 4.4 months of inventory on a national basis at the end of July, dropping further below the long-term average of five months of inventory as sales continue to pick up. Based on one standard deviation above and below that long-term average, a seller's market would be below 3.6 months and a buyer's market would be above 6.4 months.

The National Composite MLS HPI was unchanged between June and July. Following declines in Q1 of the year, the national benchmark price has remained mostly stable since May, it added.

CREA said the average or median prices of houses can change a lot from one month to the next and provide an inaccurate picture of price values and trends. The MLS HPI is based on the value home buyers assign to various housing attributes, which tend to evolve gradually over time. It's a more "like-for-like" comparison of home prices across Canada.

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