The Canadian housing market continues to make up for lost ground due to slow sales in the beginning of the year, with the number of sales making a modest 0.8 per cent month-over-month jump from May to June.
“Sales have improved compared to their slower start earlier this year,” CREA President Beth Crosbie said in an official release. “That said, there are still important differences in how housing markets are faring depending on location, housing type and price point.”
Year-over-year sales activity edged up 11.2 per cent country-wide in June, led by British Columbia (+24.9 per cent), Alberta (+14.3 per cent) and Ontario (+10 per cent).
A total of 51,381 homes were sold in June 2014 compared to 46,222 a year ago.
The average home price rose by 6.9 per cent country-wide on a year-over-year basis. Ontario enjoyed the largest price jump, with an average price of $436,620, up from $407,210 in June 2013.
Newly-listed homes were little changed in June, however, dropping 0.1 per cent from May to June of this year.
“At least some of the recent burst in new supply reflects the slow start to the year, when a harsh winter caused many sellers to delay listing their home in many parts of the country,” said Gregory Klump, CREA’s Chief Economist. “In markets with tight supply and strong demand, the strength of sales in recent months reflects how many properties were snapped up once they finally hit the market. Because the impact of deferred listings and sales has likely run its course, activity over the second half of the year may not be able to maintain the kind of pace we’ve seen over the past couple of months.”