Home sales across Canada fell for the third consecutive month in June as the market continued to slow from its March highs, but the month still set a record, the Canadian Real Estate Association (CREA) said Thursday.
The association said sales cooled in 80% of the country’s local markets as 50,810 homes changed hands last month, down 8.4% from 55,497 in May.
However, when compared with a year ago, sales in June rose 13.6% to set a new record for the month.
“While there is still a lot of activity in many housing markets across Canada, things have noticeably calmed down in the last few months,” CREA Cliff Stevenson said in a statement.
“There remains a shortage of supply in many parts of the country, but at least there isn’t the same level of competition among buyers we were seeing a few months ago.”
While the frenzied pace of sales that kicked off 2021 and triggered an all-time record in March are dissipating, CREA’s figures indicate that many markets are still heated.
CREA said 73,402 homes were listed in June, down 0.7% from 73,912 in May.
On a non-seasonally adjusted basis, 86,632 were newly listed in June, up 1.4% from 85,421 a year earlier.
The biggest increase in new listings between May and June came in the Halifax Dartmouth region, which saw 53.9% more properties hit the market.
Meanwhile, the Quebec and Saguenay areas saw the most dramatic month-over-month drops with new listings falling by 28.1% and 26.3%, respectively.
On a year-over-year basis, the most significant decline in new listings came in Saguenay, where there were 47.2% fewer homes to choose from, while the largest increase was in the Niagara region of Ontario, where a 34.3% spike was seen.
Across the country, CREA said the actual national average price of a home sold in June was a little over $679,000, up 25.9% from $539,182 a year ago.
Vancouver had the highest prices with the average home selling for $1,199,984, up 14.3% from $1,049,475 the year before.
The Greater Toronto Area trailed at $1,089,560, up 17% from $930,869 in June 2020.
CREA said year-over-year price growth is averaging around 30% in Ontario, 20% in B.C., 15% in Manitoba and 10% in Alberta and Saskatchewan.
While CREA’s senior economist Shaun Cathcart said the theme of the summer and many housing markets is “slowly getting back to normal,” he admitted that “it’s a long road back to normal.”