Canadian homes sales edge lower in June
July 20, 2012
National resale housing activity in Canada edged lower by 1.3% on a month-over-month basis in June 2012, according to statistics released by The Canadian Real Estate Association (CREA)
. This follows a 3.4% decline posted in May. National activity was down from the previous month in slightly more than half of all local markets, with Greater Toronto and Vancouver contributing most to the small decline.
“Canada’s housing market lost a little altitude in June, but it’s still flying pretty high,” said Wayne Moen (pictured), CREA President. “That said, sales activity and average prices bucked the national easing trend in a number of markets, which underscores that all real estate is local.”
Actual (not seasonally adjusted) activity was down 4.4% in June 2012 compared to the same month last year. This marks the first year-over-year decline in national activity since April 2011.
Boosted by strong activity in March and April, a total of 257,193 homes traded hands over Canadian MLS® Systems in the first half of 2012. This is up 4.7% from levels reported over the same period in 2011, and marks the strongest sales for the first half of any year since 2007.
The actual (not seasonally adjusted) national average price for homes sold in June 2012 was CAD $369,339, down 0.8% from the same month last year. While average sale prices in June were up year-on-year in about seven out of every 10 local markets, the national average price continued to be skewed downward by compositional factors – most notably by fewer sales in Vancouver in recent months compared to stronger levels last year.