What just happened.
July recorded 644 sales, roughly even with July 2024 and 14.3% below the previous ten-year July average. Flat year over year does not mean the market was strong. It means the two July sales totals were similar.
The average sale price was $735,082, down 6.0% year over year and 5.7% from June. The K-W composite HPI was down 1.2% month over month. Average price and HPI measure different things, so compare both.
The Bank of Canada held the overnight rate steady at 2.75% for the second consecutive meeting. Average DOM at 32 days, up sharply from 22 days a year earlier and well above the five-year July average of 17 days.
Property type breakdown:
- Detached: 383 sales (up 0.5% YoY), avg $857,579 (-6.2% YoY)
- Townhouses: 123 sales, avg $603,245 (-2.8% YoY)
- Condominium apartments: 80 sales, avg $415,559 (-16.7% YoY)
- Semi-detached: 55 sales (UP 14.6% YoY), avg $644,930 (-3.3% YoY)
Condo apartment average price was down 16.7% year over year, the largest property-type decline in the published July breakdown. The report does not explain why buyers chose one property type over another.
HPI benchmarks.
| Type | K-W Jul 2025 | Monthly % | Yr/Yr % | Cambridge | Yr/Yr % |
|---|---|---|---|---|---|
| Composite | $677,900 | -1.2 | -7.3 | $711,600 | -4.2 |
| Single Family | $796,000 | -1.2 | -5.1 | $755,000 | -2.8 |
| Townhouse | $562,600 | -1.0 | -9.0 | $610,700 | -6.2 |
| Apartment | $410,600 | -1.7 | -9.7 | $457,600 | -7.8 |
July sales, prices and days on market moved in different directions. That is a market asking for a closer look, not a one-word verdict.
Semi-detached and condo apartment sales changed at different rates year-over-year. That difference does not prove why buyers chose one property type over another.
For sellers, 32 regional days on market is context. It cannot predict one home's timing or prove whether price, condition, location, terms or marketing caused the result.
This housing report does not measure tariff anxiety or consumer confidence, so those explanations should be treated separately from the recorded market figures.
What to watch in August.
- The next rate decision. Compare any mortgage-cost change with actual local sales rather than assuming the response.
- Detached and semi-detached prices. Watch whether the spread changes, without guessing how buyers will react.
- Condo apartment sales. Compare the next report with July before calling the move an opportunity or a warning.
Source & methodology.
Data from WRAR July 2025 release, ITSO MLS System.
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