home sales across Canada fell By 5.6% in June – CREA
The Canadian Real Estate Association says home sales across the country fell again in June, but the decreases are smaller than those seen in previous months.
Home sales recorded over Canadian MLS Systems fell by 5.6% between May and June 2022. Although larger declines were recorded in April and May, monthly activity has dropped to slightly below average levels for the month of June.
The actual (not seasonally adjusted) number of transactions in June 2022 came in 23.9% below the record for that month set last year.
“ Sales activity continues to slow in the face of rising interest rates and uncertainty. The cost of borrowing has overtaken supply as the dominant factor affecting housing markets at the moment, but the supply issue has not gone away. While some people may choose to wait on the sidelines as the dust settles in the wake of recent rate hikes, others will still engage in the market in these challenging times,” said Jill Oudil, Chair of CREA, in a news release.
The number of newly listed homes climbed 4.1% on a month-over-month basis in June. The monthly increase was most influenced by a jump in new supply in Montreal, while new listings in the GTA and Greater Vancouver posted small declines.
The Aggregate Composite MLS Home Price Index (HPI) edged down 1.9% on a month-over-month basis in June 2022.
The actual (not seasonally adjusted) national average home price was $665,850 in June 2022, down 1.8% from the same month last year.