Canada's housing market saw an increase in activity in June, according to the Canadian Real Estate Association , with home sales rising 3.7 per cent from May to June. Canada's housing market saw a slight increase in sales in June, according to the Canadian Real Estate Association , but activity remains subdued, with the Bank of Canada's 25 basis point cut doing little so far to spur significant demand.
The Bank of Canada cut interest rates for the first time in more than four years last month, bringing its benchmark rate to 4.75 per cent. Royal LePage notedThe number of newly listed properties increased 1.5 per cent on a monthly basis, CREA said, led by jumps in the Greater Toronto Area and British Columbia's Lower Mainland, bringing the number of properties listed for sale to about 180,000 in June.
In fact, TD economist Rishi Sondhi wrote in a research note that the modest increase in benchmark prices "could be a harbinger of improved activity ahead."