Home sales across Canada slumped for the third consecutive month in June, as the real estate market cooled off from the historically accelerated pace that started at the beginning of the year.
According to the Canadian Real Estate Association, home sales across the country fell 8.4% in June, marking a significant slowdown since real estate activity hit a record-high peak in March. Despite the decline, however, housing sales are still up 13.6% from year-ago levels, and June’s transactions still hit a new high for that month.
Home prices also slowed from their record-breaking growth that began in January. The MLS Home Price Index increased only 0.9% in June, with the decelerating trend being primarily noted across the single-family housing sector. The national average home price stood at around $679,000, which is 25.9% higher from June 2020.
The number of newly listed homes declined a modest 0.7% last month, while the national sales-to-new listings ratio slumped to 69.2% in June— the lowest since August of last year. CREA reported that there was 2.3 months worth of inventory across the country at the end of June, which is up from the 2.1 months of inventory in the previous month.
Information for this briefing was found via the CREA. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.