Canada existing home sales activity totaled 33,959 units in June, down 8.2% from the previous month as sales trend back toward the 20 year average. This departure from the seasonal norm is considered by some to be the effects of changes to mortgage regulations and rising interest rates that caused buyers to act in April that would have otherwise done so at a later date.
The national average home price slid a slight 1.2% to $342,661 in June from a month ago, but remains 4.9% above year-ago levels. Now that home prices have fallen back in line with the 30-year historic appreciation rate of 5.5%, economists and industry experts expect prices to increase at a slower rate as the market balances.
The number of months of inventory measures the amount of time it would take to sell all the homes on the market at the current pace of sales if no new homes become available. There were 6.9 months of inventory in June, which is close to the level seen in March of 2009. Fewer new listings are expected to enter the market over the coming months, which should continue to stabilize the balance between supply and demand.
source: CREA, CMHC
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