According to the recent housing data published by CREA (Canadian Real Estate Association), Canadian home sales and new listings were on the rise again in June. For many, this is a great sign of the economy working on recalibrating from previous slow months in April and May due to many unforeseen factors thanks to economic and societal pressures as a result of the COVID-19 pandemic.
Here’s a quick recap of what we saw in June 2020:
• National home sales rose 63% on a month-over-month (m-o-m) basis in June.
• Actual (not seasonally adjusted) activity was up 15.2% year-over-year (y-o-y).
• The number of newly listed properties climbed 49.5% from May to June.
• Actual (not seasonally adjusted) new supply stood 4.8% above June 2019.
• The MLS® Home Price Index (HPI) rose 0.5% m-o-m and was up 5.4% y-o-y.
• The actual (not seasonally adjusted) national average sale price posted a 6.5% y-o-y gain.