Canada's housing market up compared to last month but down compared to last year

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A 'sold' sign is in front of homes pictured in Vancouver in the spring of 2024.

The Canadian Real Estate Association says while sales were up in June 2024 compared to the month before, they are lower than the same time last year, with a slower market leading to a scaled back forecast for the rest of the year.Real estate activity across Canada perked up a bit in June 2024 compared to the month before, although the latest numbers from the Canadian Real Estate Association also show a drop in sales compared to June 2023.

In a press release, CREA senior economist Shawn Cathcart pointed out that June was not a "blow the doors off" month, but pointed to interest rate cuts as stimulating some sales. However, monthly sales activity was 9.4 per cent lower compared to June 2023. The average price of a home sold in June was down 1.6 per cent from June 2023.

There were about 180,000 properties listed for sale across Canada at the end of June, up 26 per cent from a year earlier but still below historical averages of around 200,000 for this time of the year.

 

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