June home sales down 24 per cent from last year, 6 per cent since May: CREA

The association revealed Friday that June home sales amounted to 48,176, a 24 per cent drop from 63,280 during the same month last year.On a seasonally adjusted basis, sales were down almost six per cent from May.

"Sales activity continues to slow in the face of rising interest rates and uncertainty," said Jill Oudil, CREA's chair, in a news release. In typically heated markets like the Greater Toronto and Greater Vancouver Areas, they have noticed homes sitting for sale for far longer than they would have last year or at the start of the year, when the pace of sales was torrid.

Last month, CREA predicted the national average home price will rise by 10.8 per cent on an annual basis to $762,386 in 2022. It forecast the largest price gains for Maritime provinces, followed by Ontario and Quebec.

They're not selling 'homes'. People were buying 'investments' and hoping to cash in and less people are doing that now. GOOD.

I'm afraid some people have bought their dream white elephant.

Great,time to adjust the never ending spending.

Great, now stop raising interest

People that overpaid for homes over the last several months and who chose variable rate mortgages could be in for tough times ahead.

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June home sales down 24% from last year, 6% since May: CREAThe national real estate market's cooling continued with home sales falling again in June, but the Canadian Real Estate Association says the decreases are smaller than those seen in previous months. Yeah because no one can afford to buy homes anymore… can’t barley afford rent too like buying houses just to rent should be a crime Keep coming down to the more affordable range. Prices are still a lot higher than the true value
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