“It wasn’t a ‘blow the doors off’ month by any means,” says Shaun Cathcart, CREA’s Senior Economist. “But Canada’s housing numbers did perk up a bit on a month-over-month basis in June following the first Bank of Canada rate cut.
But, adjusted for season, the month-over-month increase was actually more like 0.5%, suggesting the national inventory buildup may be slowing down. And with new listings lower than sales gains, the market tightened 53.9% compared to 52.8% in May. With 4.2 months of inventory reported at the end of June, we’re still in a buyers market, though that figure is down from 4.3 months at the end of May — note that this is the first month-over-month decrease in 2024.
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