July has been a hot month throughout the Canadian housing market — especially in the Greater Toronto Area.
Stricter mortgage rules, rising interest rates, and provincial policy changes (such as the Ontario Fair Housing Plan) have all contributed to a slower start to the year. But, according to the Canadian Real Estate Association, home sales across Canada increased 1.9 per cent in July compared with June.
This marks the third consecutive month of recovery in Canada’s housing market.
“Essentially, stabilization in the Toronto region has been offset by a pullback in other areas, notably much of Western Canada,” says BMO Financial Group chief economist Douglas Porter.
But the bigger story — and boosts — are coming from the Greater Toronto Area.
July saw GTA sales climb 7.7 per cent from June, and 17.6 per cent year-over-year. This helped lift Canada’s overall July numbers.
Of course, the GTA isn’t the only strong player in the Canadian housing market. More than half of all local housing markets saw better sales in July than in June.