Home sales across Canada dropped by 0.9 per cent from the month of May to June, however actual (not seasonally adjusted) sales were up by 5.2 per cent year-over-year in June.
“While national sales activity remains strong, there are still significant differences in housing market trends across Canada,” said Cliff Iverson, the president of the Canadian Real Estate Association. “While home sales activity and price growth are running strong in BC and Ontario, they remain subdued in other markets where homebuyers are cautious and uncertain about the outlook for their local economy. All real estate is local, and Realtors remain your best source for information about sales and listings where you live or might like to in the future.”
The average price for a home in Canada increased by 11.2 per cent nationally year-over-year in June, however if Greater Vancouver and Greater Toronto are excluded that number drops to 8.4 per cent.
Gregory Klump, the chief economist for the Canadian Real Estate Association, said that, “June sales extend trends observed the previous month. As was the case in May, the monthly decline in national sales activity was led by the Lower Mainland of British Columbia and markets in or around the GTA. In keeping with the law of supply and demand, exceptionally low inventory combined with high demand continues to translate into strong price growth in these housing markets, where year-over-year price gains have been running in double-digit territory since late last year.”