Canadian home sales hit four-year August high as fall market heats up + MORE Sep 16th

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The Canadian Real Estate Association says it recorded the most home sales for August in four years, potentially setting the stage for a hot fall market with more choice for buyers.

The association said there were 40,257 home sales across the country last month, up 1.9% from 39,522 in August 2024. Home sales also rose 1.1% on a month-over-month basis, marking the fifth straight monthly increase. Transactions have risen a cumulative 12.5% since March.

Toronto slows, but other major markets drive gains

Unlike in recent months when gains were led overwhelmingly by the Greater Toronto Area, sales in that region were down slightly month-over-month in August. But the association said this was more than offset by higher sales in Montreal, Greater Vancouver and Ottawa.

CREA senior economist Shaun Cathcart said the upward trend in activity could accelerate this fall as the season usually brings a surge of new supply. “Part of what drives sales at different points in the year is the availability of a lot of fresh property listings for buyers to buy…