Home sales recorded over Canadian MLS® Systems posted a 1.5% increase between May and June 2023, a smaller increase than in April and May. Sales were up in June in a little over half of all local markets with gains in British Columbia and Alberta offsetting fewer sales in the Greater Toronto Area (GTA).
The actual (not seasonally adjusted) number of transactions in June 2023 came in 4.7% above June 2022. This was the largest year-over-year national sales increase in two years.
“Housing markets appear to be stabilizing heading into the summer following some big ups and downs over the last year,” said Larry Cerqua, Chair of CREA. “Most importantly, the recovery in new listings over the last few months will give buyers more choice and should help to slow price growth over the second half of the year. If you’re looking for information and guidance about how to buy or sell a property in what’s looking like a more balanced market this summer and fall, contact a REALTOR® in your area,” continued Cerqua.
“With sales levelling off near historically average levels and new listings finally starting to play catch up, housing markets appear to be settling down,” said Shaun Cathcart, CREA’s Senior Economist. “History suggests the price side of things will respond to this with only a slight lag. Add to that the recent Bank of Canada rate hikes, and we can probably expect price growth to moderate in the months ahead, likely still with some degree of upward pressure, but less than in the last three months.”