Canadian June home sales activity fell 9.4%

Read full post at forexlive.com

It’s
been
clear
the
Canadian
housing
market
has
been
struggling
in
the
past
couple
months
but
now
we’re
getting
the
hard
data.
The
Canadian
Real
Estate
Association
reports
that
June
sales
fell
9.4%
y/y.

Seller
are
still
mostly
holding
out
for
higher
prices
but
inventories
are
building
—
particularly
in
condos
and
new
builds.
The
CREA
price
index
rose
0.1%
in
June
but
is
down
3.4%
y/y.

The
CREA
(a
realtor
trade
organization)
tried
to
spin
a
seasonal
pickup
in
June
from
May
as
positive
but
given
the
BOC
rate
cut,
I’m
not
buying
it.

Listings
are
up
26%
y/y,
though
they
suggested
the
growth
may
be
slowing.

“The
second
half
of
2024
is
widely
expected
to
see
the
beginnings
of
a
slow
and
gradual
return
of
buyers
into
the
housing
market,”
said
James
Mabey,
Chair
of
CREA.

The
national
average
home
price
was
$696,179
in
June,
At
a
5%
mortgage
and
20%
down,
that
would
put
the
monthly
payment
around
$3100.