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National home sales once again dipped to new lows in June.
Sales actually jumped 4.1% from May to April, but June's year over year statistics set a new five-year low for Canada.
Compared to last year at this time, the dip in sales from 12 months ago is more noticeable, as activity in June 2018 was down 10.7% compared to June 2017.
The number of newly listed properties for sale fell by 1.8% across the country, while the average Home Price Index for last month inched slightly up by 0.9% from June 2017.
Along with these statistics, the Canadian Real Estate Association (CREA) has also provided its insight on what the next few months could hold for national home sales.
“This year’s new stress-test on mortgage applicants has been weighing on homes sales activity; however, the increase in June suggests its impact may be starting to lift,” said CREA President Barb Sukkau.
According to Gregory Klump, CREA’s Chief Economist the national increase in June home sales suggests activity may indeed be starting to turn the corner, however national home sales still have a long way to go before returning to the levels posted in recent years.
Real estate professionals also believe future home sales activity and prices gains will be held in check by higher interest rates.
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