06:29 AM EDT, 08/16/2024 (MT Newswires) -- "Stability" describes the Canadian housing market as the country

pushes through the heat of summer, said Bank of Montreal (BMO).

Existing home sales were up a "decent" 4.8% from a year ago. This continues a subdued but largely stable level of sales activity consistent with the low end of the pre-COVID range (about 5% below the 2019 average), noted the bank.

Meantime, new listings rose modestly again and were up a firm 12.7% from a year ago. That leaves new listings about 7% above 2019 levels.

This combination is allowing inventory to gradually build, but not saturate the market, stated BMO.

Balanced overall market conditions leave price trends subdued, with the MLS benchmark price still down 4.2% in the past year, but holding firm in recent months, pointed out the bank. Prices are effectively flat over the latest three- and six-month periods.

There are some pockets (for example, Toronto's condos) where the market is more saturated, but for Canada overall, the market is almost perfectly "stable," according to BMO.