The Canadian Real Estate Association (CREA), one of Canada’s largest single-industry associations, reported on Friday (7-15-22) that home sales recorded on the Canadian MLS® Systems fell by 5.6% between May and June 2022. Year-over-year, the actual (not seasonally adjusted) number of transactions in June 2022 came in 23.9% below June 2021 levels.
The number of newly listed homes climbed 4.1% on a month-over-month basis in June. The monthly increase was most influenced by a jump in new supply in Montreal, while new listings in the Greater Toronto Area (GTA) and Greater Vancouver posted small declines.
With sales down and new listings up in June, the sale-to-new listing ratio eased to 51.7%, which is its lowest level since January 2015. It also fell below the long-term average for the national sales-to-new home listing ratio of 55.1%. Almost three-quarters of all local markets were balanced markets, according to CREA.
There were 3.1 months of inventory on a national basis at the end of June 2022—still historically low but slowly increasing from the tightest conditions ever recorded just six months ago.
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Canadian home sales down again in June, but declines are getting smaller