CREA: Canadian Home Sales on Upward Trend
The latest numbers from the Canadian Real Estate Association (CREA) show national housing activity climbing for the fourth month in a row, with July sales up 3.8% over June. On the surface, that momentum may suggest Canada is edging toward more balanced — even seller-friendly — conditions.
But as always, real estate is local, and here in the Lower Mainland the picture isn’t quite as rosy.
What’s Happening Nationally
Across Canada, CREA reports:
- Home sales are up 6.6% compared to July 2024.
- The average national sale price rose slightly, up 0.6% year-over-year to $672,784.
- Inventory levels remain tight, with the sales-to-new listings ratio sitting at 52% — signaling balance for now, but trending toward seller-leaning territory.
In many provinces, including Quebec and parts of the East Coast, prices are climbing steadily. Even the Prairies are seeing broad strength.
The Lower Mainland Reality
Here on the North Shore and throughout the Lower Mainland, market dynamics look different. Prices in the Lower Mainland continue to soften, and sales trends lack the upward consistency CREA highlights nationally.
Our recent July market report showed North Vancouver sales down 5.9% year-over-year, with West Vancouver inching up just 1.6%. Inventory remains elevated, reflecting a more cautious, wait-and-see environment.
Key local factors include:
- Slower pace of sales: Homes are taking longer to sell, often requiring price adjustments.
- More balanced negotiations: Buyers are regaining leverage, with conditional offers and inspections once again the norm.
- Uneven activity: Some weeks bring bursts of activity, while others see pullbacks, making the market harder to read.
What It Means for Buyers and Sellers
While CREA’s report points to momentum nationally, it’s important to approach these broader trends with caution. The Lower Mainland — and even more specifically North and West Vancouver — often moves differently than the rest of the country. As our July report showed, sales activity here remains uneven, with North Vancouver seeing declines and West Vancouver only modest gains.
For buyers, this means there’s more breathing room than national headlines suggest — time to carefully evaluate options and negotiate with confidence. For sellers, it underscores the importance of pricing strategically and being prepared for longer listing times.
Most importantly, real estate is local. National and even regional data can paint a very different picture than what’s happening in your own neighbourhood.
If you’re considering buying or selling in North or West Vancouver and want clarity on what the market means for your home, our team is here to help. Reach out any time — we’d be happy to walk you through the numbers and opportunities specific to your situation.