Published:Despite an interest rate hike, demand for homes continued to grow across Canada in June, with sales up 1.5% from the month prior. released on Friday reveal an increase in home sales in more than half of all local markets, with gains in British Columbia and Alberta offsetting a drop in the Greater Toronto Area. Notably, the 1.5% bump in sales from May to June is a smaller increase than wasOn a year-over-year, not-seasonally-adjusted basis, however, June sales were up 4.
Indeed, new listings — a serious lack of which have plagued housing markets all across the country — were up 5.9% month over month in June. This built on the 3.1% and 7.5% gains seen in April and May, respectively, and helped to bring new listings up from the 20-year low seen in March and “closer to average heading into the summer,” CREA says.
At the end of June, there were 3.1 months’ worth of inventory, which is unchanged from May but down more than a full month from the most recent peak at the end of January. The long-term average for this measure, CREA notes, is around five months.
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