![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2023\/08\/Screen-Shot-2023-08-15-at-12.08.28-PM.jpg\")
<\/a><\/figure>\n\n\n\nThe actual (not seasonally adjusted) count of transactions in July 2023 revealed an 8.7 per cent increase from the same time last year \u2013 the largest year-over-year national sales increase in more than two years. <\/p>\n\n\n\n
\u201cJuly continued along the same trend we\u2019ve seen emerge in recent months, with sales levelling off and new listings returning in more normal numbers,\u201d Larry Cerqua, CREA Chair, said. \u201cThis has been giving buyers more choice and balancing the market, which as of July was also slowing the rate of price growth.\u201d<\/p>\n\n\n\n
\u201cFollowing a brief surge of activity in April, housing markets have settled down in recent months, with price growth now also moderating with its usual slight lag,\u201d Shaun Cathcart, CREA\u2019s senior economist said. \u201cSales and price growth are already showing signs of tapering off further in August in response to the Bank of Canada\u2019s mid-July rate hike and messaging regarding above-target inflation for longer than previously expected. We\u2019re probably looking at another round of \u2018back to the sidelines\u2019 for some buyers until there\u2019s a higher level of certainty around interest rates going forward.\u201d<\/p>\n\n\n\n
The number of newly listed homes was up by 5.6 per cent month-over-month in July. Building on gains between April and June, new listings have returned to a near-normal level after hitting a 20-year low in March. <\/p>\n\n\n\n