07:34 AM EDT, 08/06/2025 (MT Newswires) -- The Canadian dollar (CAD or loonie) starts Wednesday at $1.377/USD (72.7 US cents), noted Bank of Montreal (BMO).

Toronto home sales results were just across the wire and the results aren't looking worse, said the bank. "Call that a win."

Sales were up 10.9% from a year ago, although active listings are still 26% higher. The benchmark price was down 5.4% year over year, with condo apartment prices down more than 8%. If mortgage rates fall meaningfully further -- which they're not at this point -- or sellers start to relent on prices, the market will start to clear better, according to BMO.

The bank is seeing the latter, although very gradually.

Home sales in Vancouver were down 2% year over year in July and Calgary was 12% year-over-year lower.