In July 2024, Canada saw a 16% increase in the annual pace of housing starts compared to June, with a total of 279,509 units, driven mostly by multi-unit constructions in urban areas. The Canada Mortgage and Housing Corporation (CMHC) reported that urban starts rose 17%, with multi-unit homes up 21%. Despite this growth in new housing starts, the Canadian Real Estate Association (CREA) noted a slight dip in existing home sales by 0.7% month-over-month, although year-over-year sales increased by 4.8%. The Bank of Canada's recent interest rate cuts have not yet sparked a significant boost in the housing market, but expectations are building for a more active market in the coming months. The national average home price remained relatively stable at $667,317, showing a minor decrease of 0.2% from the previous year. Overall, while new listings rose slightly, the market remains balanced with prices holding steady amid increasing supply.