In June, the housing market in Canada experienced a slowdown due to the Bank of Canada’s interest rate hikes and an increase in new listings, according to the Canadian Real Estate Association.
Compared to April, home sales only saw a 1.5% increase in June, with gains in Alberta and British Columbia offset by declines in the Greater Toronto Area.
Last month, the national average home sale price was $709,218, a 6.7% increase from June 2022 on a non-seasonally adjusted basis.
The housing market began to cool down as new listings increased, with a 5.9% month-over-month jump in June. This brought new listings closer to historic averages after hitting 20-year lows earlier in the spring.
CREA senior economist Shaun Cathcart stated, “With sales leveling off near historically average levels and new listings finally starting to catch up, housing markets appear to be settling down.”
The housing market is expected to continue cooling down as the Bank of Canada raised interest rates in June and July.
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